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LAHORE: Pakistan’s first free mobile wallet - SimSim - has received regulatory approval from the State Bank of Pakistan (SBP).
The approval was granted under the Branchless Banking Regulation framework formulated by the SBP.
SimSim is the product of collaboration between FINCA Microfinance Bank Limited and FINJA Pvt Limited. This is the first time that a bank and a fintech, acting as the super-agent of the bank, have partnered to create a digital financial product.
“SimSim’s instant mobile account will go a long way in boosting financial inclusion in the country and digitising the economy,” said FINCA Chief Executive Officer Mudassar Aqil on the development.
SimSim has successfully completed a beta pilot prior to the formal approval from SBP, and recorded Rs600 million in transactions, 30,000 in self-registered mobile wallet accounts and a retail network of 500 participating merchants.
Published in The Express Tribune, May 31st, 2017.
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