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Friday, February 23, 2018

Pakistan’s First Free Mobile Wallet, SimSim, Received Regulatory Approval


LAHORE – MAY 27, 2017: Pakistan’s first free mobile wallet, SimSim, received regulatory approval from the State Bank of Pakistan on Friday, 12th May, 2017. The approval was granted under the Branchless Banking Regulation framework formulated by SBP. SimSim is a collaboration between FINCA Microfinance Bank Limited and FINJA Pvt. Limited. This is the first time a bank and a fintech, acting as the super-agent of the bank, have partnered to create a digital financial product. SimSim successfully completed a beta pilot prior to the formal approval from SBP, and recorded PKR 600 Million in transactions, 30,000 in self-registered mobile wallet accounts and a retail network of 500 participating merchants.

Due to a highly innovative, automated process which relies on NADRA integration and machine learning, anyone with a valid CNIC can create a SimSim branchless bank account, in under one minute, using their internet-enabled mobile phones.

SimSim is connected to other banks through 1-Link for instant transfers, while ATM cards are available for cash withdrawals. Payments through SimSim are free for the receiving and sending users with their mobile numbers acting as bank account numbers.

“SimSim’s innovative instant mobile account will go a long way in boosting financial inclusion in the country and digitizing the economy”, M. Mudassar Aqil, CEO of FINCA Microfinance Bank Limited stated.

Discussing future plans for SimSim, Qasif Shahid, CEO of FINJA Pvt. Limited said that SimSim is not simply a product or an app, rather it is a movement to free digital commerce in Pakistan. Monis Rahman, tech veteran and co-founder of FINJA Pvt. Limited added that the ease of becoming part of the SimSim network positions it as a platform, which users can spread and grow without any friction.
To be a part of the SimSim network, all anyone has to do is download the app from the Apple App Store or Google Play Store and set up their wallet.

About FINCA Microfinance Bank
FINCA Microfinance Bank Ltd (FMBL) is a fully licensed and regulated financial institution operating under the State Bank of Pakistan’s guidelines established for microfinance banks. We provide both savings and credit products, with a special focus on low-income entrepreneurs and savers. FINCA operates a network of 110 branches in over 94 cities across Pakistan. Our unmatched financial and superior customer services have earned FINCA the satisfaction of millions of customer worldwide. FINCA is a globally trusted name you can trust. More about FINCA Microfinance Bank at www.FINCA.pk

simsim login:
You can access simsim login using mobile app or from direct simsim login website 

finca bank deposit rates:

Tahafuz Term Deposit
Save and secure your future with us!

We work to build brighter futures with our clients. Our investments today are the seeds to the fruit of a flourishing tomorrow. Tahafuz Term Deposit Account is waiting for individuals, joint accounts holders and companies to sow today. The efficient catalyst in the form of the profit rates up to 9.50%* make certain that the attention you give us once will never need any motivation again, ever.

Features:

Minimum investment of Rs. 5,000 with no maximum limit
Profit rate up to 9.50%*
SimSim mobile app
ATM Facility across 1Link network
IBFT Facility
SMS Alert on every transaction
24/7 Call Center Assistance
Please click here for information about profit rates; or account related pricing through our Schedule of Charges.

Our trained staff is just a call away to assist you. For further information please visit the nearest branch of FINCA Microfinance Bank or call us at 042-111-111-562.


www.FINCA.pk I www.FINCA.org

simsim balance:
you can check your simsim balance details in simsim mobile app

simsim invite friends:
By inviting Your Friends on simsim you can earn Rs.50 From Each

finca bank kamalia

www.finca.pk

what is finca

FINCA International is a non-profit, microfinance organization, founded by John Hatch in 1984. Sometimes referred to as the "World Bank for the Poor", FINCA is the innovator of the village banking ... Wikipedia

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