AMA propels financial inclusion in Pakistan, opening 7m accounts in 2023

Any Pakistani citizen with a valid CNIC can access a digital bank account using a basic-feature mobile phone

In a transformative stride toward financial inclusion, the Asaan Mobile Account (AMA) platform has emerged as a beacon for underserved communities in Pakistan, providing unprecedented access to branchless financial services.

According to recent data, a mere 30% of Pakistan's adult population currently enjoys access to financial services, with a glaring gender gap as only 13% of women possess registered financial accounts compared to 47% of men.

The Asaan Mobile Account, however, has proven to be a game-changer, enabling any Pakistani citizen with a valid national identity card to access a digital bank account using a basic-feature mobile phone. The platform, which requires neither internet access nor an app, allows users to open a bank account within two minutes using a straightforward numeric code.

One of the standout features of AMA is its user-friendly design, offering access to 13 different digital banks through a simple numeric code.

Zakiya Khan, a user of the system, emphasised its significance for female members of the community, stating that it eliminates the need for them to physically visit a bank. She praised the Asaan Mobile Account, saying, "The opportunity is now in our hands."

Another user, Kiran Khan, highlighted the platform's impact on her small business, illustrating how AMA simplifies financial transactions, making them accessible even from home. The ease of use has allowed her to manage her workload more efficiently, eliminating the need to consider closing her business.

Also read: WEF's Edison Alliance celebrates AMA success

For differently-abled individuals like Eijaz Hussain, the Asaan Mobile Account has been a lifeline, eliminating the necessity to visit physically inaccessible bank branches regularly. Hussain attested to the service's positive impact on his life, providing a practical and efficient solution.

The success of the Asaan Mobile Account is evident in its remarkable achievement of opening over 7 million accounts in 2023 alone. Impressively, over 35% of these accounts were opened by women, addressing the gender disparity prevalent in traditional banking systems.

The platform aligns with Pakistan's commitment to the World Economic Forum's EDISON Alliance, a global initiative dedicated to bridging the digital divide in essential services. The EDISON Alliance, which aims to connect 1 billion people to vital digital healthcare, education, and finance solutions by 2025, has already benefited 784 million people through partner initiatives worldwide.

As the Asaan Mobile Account continues to empower individuals and communities, it stands as a beacon of financial inclusivity, bringing the vision of a digitally connected and inclusive Pakistan one step closer to reality.