SimSim, the first free mobile wallet in Pakistan, has got the regulatory approval for the State Bank of Pakistan (SPB).
SBP has granted the approval under the branchless banking regulation agenda. FINCA Microfinance Bank Limited and FINJA Pvt Limited have collaborate started the SimSim and for the first time to work as a super-agent of the bank for creating digital financial product.
FINCA Chief Executive Officer Mudassar Aqil on the development said that SimSim’s immediate mobile account will go a long way in enhancing financial inclusion in the country and digitising the economy.
Prior to the approval for SBP, SimSim has effectively fulfilled a beta pilot and recorded Rs600 million in transactions, 30,000 in self-registered mobile wallet accounts and a retail network of 500 contributing merchants.
How to get SimSim mobile wallet account?
To avail the SimSim mobile wallet, all anyone has to do is download the app from the Google Play Store, Apple App Store. You will need also need a valid CNIC card and a working mobile number in order to setup your wallet.
