Mobile wallet app SimSim has 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, with 30,000 in self-registered Mobile wallet accounts and a retail network of 500 participating merchants.
Due to an 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.