The State Bank of Pakistan is developing a mobile app to allow financial transactions across the country.
This was announced by SBP Executive Director Syed Samar Hasnain at the event that announced the rebranding of Tameer Microfinance Bank to Telenor Microfinance Bank.
It will be called “Asaan Mobile Account” and will provide a single platform for people holding different bank accounts and mobile networks to conduct transactions with anybody. The app will be launched in June 2017.
Works for Smartphones and Feature Phones
The app will not be limited to smartphones only. Feature phone owners will be able to use the app as well, according to Mr. Samar. He added,
People could pay their utility bills, while firms could disburse salaries and pensions via that application. The application would also help people make payments to their dry cleaner, milk vendor, barber and etc. Transactions would definitely have financial limitation and caps.
Asaan Mobile Account will also let you open your account in just 2 minutes. The whole procedure will cost Rs. 10, for verifying account details.
SBP Executive Director said that the cost (for account opening, detail verification) has been reduced to Rs. 10 from a higher price (previously it was above Rs. 20). National Database and Registration Authority (NADRA) chairman will be cooperating with this project and will share its database for info verification purposes.
SBP’s goal of providing banking access to 50% of the adult population by 2020 will be furthered by this project, according to Mr. Samar. He added that the number of branch-less bank accounts has increase 3.7 times since last year.
80 Million People Don’t Have Access to Banks
At the event, Telenor Microfinance Bank CEO, Ali Riaz Chaudhry said that 100 million people in Pakistan are involved in some sort of economic activity while 80 million of them don’t have access to money and bank accounts.
Mr Ali also added,
We have set a target of providing access to money and banks to some 50 million people in the next three-four years. 20 million people transferred money worth Rs200 billion via Easypaisa in the last one year.