State Bank of Pakistan approves launch of the country’s first free mobile wallet service

Friday, June 2, 2017

Mobile payment app SimSim became Pakistan’s first free mobile wallet service after the State Bank of Pakistan (SBP) approved the official launch of the service – a move the company said would boost financial inclusion in the country.

Formal approval follows a pilot scheme when the app was used by 30,000 people, generating PKR600 million ($5.7 million) in transactions across a retail network of 500 merchants. The service allows anyone with a Computerised National Identity Card (CNIC) to open an account without the need to register with a traditional bank.

Source: Mobile World Live (link opens in a new window)

financial inclusion, fintech, mobile finance