FINCA Microfinance Bank, one of the fastest growing microfinance banks in Pakistan, in partnership with Finja, internationally funded FinTech startup, announced the movement to make digital commerce and payments free in Pakistan. SimSim, a mobile payment platform, was introduced at its launch event at Mohatta Palace, Karachi. The event was attended by major industry stakeholders, government officials, artists, tech enthusiasts and media personnel.
Finja, the Fintech partner, developed the technology to enable anyone with a valid CNIC to open a remote zero account in less than one minute through their smartphones. As a consequence, FINCA will broaden its outreach to multiple consumer segments including the financially excluded and underserved customer segments.
While praising the initiative, Executive Director BPRG State Bank of Pakistan, Syed Irfan Ali said, "the efforts of the SimSim team should be commended for creating a platform which offers ease of access to financial services. In particular, it has minimized the need of transaction fee policy which will encourage increased usage of digital financial services at the consumer end. It is also important for all digital service providers to pay special attention to customer protection rights and customer data protection when deploying new products and services in the evolving space of digital financial service". "SimSim, we believe, will transform and improve the lives of people by giving them financial identity and the power to change their lives", said Mr. M Mudassar Aqil, CEO of FINCA Microfinance Bank Limited.
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