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State Bank of Pakistan

Pakistani Women Can Now Open an Asaan Mobile Account in 2 Minutes

by Ayesal A November 22, 2023

written by Ayesal A

The Asaan Mobile Account will help women across Pakistan open their digital accounts in just 2 minutes without a smartphone or internet!

According to stats from Nekkei Asia, only 13% of women in Pakistan own bank accounts, making it the fourth-lowest proportion in the world.

Considering how we live in a digital era where most of our everyday routine revolves around the internet, it has become more than necessary to adapt to the continuously changing landscape to survive.

Bank accounts are considered basic digital identities and necessities, if a woman does not have an account, it means she is being cut off from a large portion of the world. However, understanding and noticing this problem, the State Bank of Pakistan in partnership with Pakistan Telecom Authority, has introduced the Asaan Mobile Account (AMA).

What is Asaan Mobile Account?

The Asaan Mobile Account will help women across Pakistan open their digital accounts in just 2 minutes, and the best part is that they do not require a smartphone to operate it. Launched as part of the National Financial Inclusion Strategy (NFIS), the AMA platform seeks to enable the broader population, particularly those in low-income segments, to digitally open their BB accounts and access financial services quickly, easily, and affordably.

How Does Asaan Mobile Account Work?

Using the Asaan Mobile Account (AMA) platform, any Pakistani with a valid CNIC can digitally open a bank account with any participating AMA bank. This can be done from any location and at any time, simply by using the SIM card of any mobile operator. The system enables individuals to access the AMA platform through a short code (*2262#) and conduct transactions on their basic or smart mobile phones without requiring internet connectivity.

5 Ways Women In Digital Marketing Can Seize Business Opportunities

Pros of AMA for Pakistani Women

Accessibility: Enables women to access banking services easily without the need for a smartphone or internet connection.
Inclusivity: Provides financial inclusion by allowing women with basic mobile phones to open and manage a bank account.
Simplicity: The streamlined process ensures that the account setup and management are straightforward, reducing barriers for women.
Time Efficiency: The quick account opening procedure takes only 2 minutes, saving time for busy women who may have limited availability.
Widespread Availability: With the capability to use any mobile operator’s SIM card, the AMA platform is widely accessible across the country.
Cost-Effective: Eliminates the need for a smartphone and internet, making it a cost-effective solution for women in low-income segments.
Empowerment: Facilitates financial independence by providing women with a convenient tool to manage their finances efficiently.
Security: The platform ensures secure transactions, fostering confidence among women in using digital banking services.
Compliance: Aligns with regulatory standards and the National Financial Inclusion Strategy, ensuring a reliable and compliant banking experience.
Convenience: The use of a short code (*2262#) makes it convenient for women to perform transactions without the necessity of navigating complex menus.

Services Provided by AMA

AMA provides multiple services to Pakistani women, including:

Balance Inquiry
Mini Statement
Money Transfer
Bill Payment
Change Account PIN
Account Linking
Account Closure

How to Open an AMA Account?

To open an account, you will have to follow the following steps:

Dial *2262#
Select ‘Register for Asaan Mobile Account’
Select Preferred Bank
Enter CNIC Number
Enter CNIC Issuance Date
Provide Consent & Accept T&Cs
Generate PIN
Validate PIN
Receive Confirmation SMS

If you need further help understanding how to open an account, watch the video below:

Bank Options for Asaan Mobile Account

Currently, there are 13 branchless banking (BB) provider banks available on AMA platform. Customers can open bank accounts instantaneously in any of the given bank and conduct transactions available on the AMA Platform.

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November 22, 2023 0 comment

News

SBP Clears the Air About the Rs.75 Note

by Ayesal A April 29, 2023

written by Ayesal A

The State Bank of Pakistan (SBP) has put to rest the rumours that have been circulating in some sections of the community regarding the demonetization of the Rs.75 commemorative banknotes.

On Friday, the SBP officially declared that the commemorative banknote is recognized as legal tender just like any other currency notes issued by the bank.

The SBP’s spokesperson, Abid Qamar, clarified through a video message posted on the central bank’s official Twitter handle that the Rs.75 commemorative banknote was released last year to celebrate the nation’s 75 years of independence.

The banknote was authorized to be issued under Section 25 of the SBP Act, which empowers the bank to issue all currency notes.

Qamar emphasized that the Rs.75 commemorative banknote has the same legal status as any other currency note and can be utilized as a medium of exchange for all transactions.

He further confirmed that the banknote has not been discontinued or withdrawn by the government, and all rumours regarding the banknote’s demonetization are baseless.

Moreover, Qamar stated that the commemorative banknote has no expiration date, and the public can use it for any transaction without any hesitation.

#SBP clarifies that Rs.75 commemorative banknote is a legal tender & can be used as medium of exchange in all transactions. pic.twitter.com/YhJPFtL7pz

— SBP (@StateBank_Pak) April 28, 2023

It is important to note that rumours of demonetization began when shopkeepers across the country refused to accept Rs.75 notes during Eid ul Fitr, causing widespread panic amongst the public.

Rs.75 Note the First to Feature a Female

The State Bank of Pakistan (SBP) issued a commemorative banknote to mark the 75 years of independence of Pakistan on the auspicious occasion. The bank officially revealed the new banknote on 14th August 2022 as a gift to the citizens of the country.

The note is emerald green in colour and has the denomination 75 to mark the special year – moreover, according to the State Bank, the note will be available to the public towards the end of September 2022.

That’s not all, the new note features the portraits of those without whom our precious homeland would remain a dream. They include the Founder of Pakistan Quaid-e-Azam Mohammad Ali Jinnah, his sister who was also a stateswoman and revolution Motarma Fatima Jinnah, Allama Muhammad Iqbal, and lastly Sir Syed Ahmad Khan.

Quaid-e-Azam was supported unfailingly by Mohtarma Fatima Jinnah, whose presence on the banknote serves as a reminder and acknowledgement of the role of women in the freedom movement. Which makes us even happier that one of the most important women in history was recognized through this initiative.

Previously, the State Bank issued commemorative coins for Benazir Bhutto and Fatima Jinnah, however, the coin featuring Jinnah had flowers in place of a portrait.

Also Read:
The First Look of the ‘Fatima Jinnah’ Series is Now Out

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April 29, 2023 0 comment

Culture Featured Social Issues

Senior Women in Pakistani Banking say the SBP Extension of Working Hours & Days will Discourage women to Work Full Time

by Laiba April 15, 2022

written by Laiba

Women in Pakistan’s banking sector will be discouraged from working full time after the State Bank of Pakistan extends working hours and days.

As per the government’s new regulations, the State Bank of Pakistan (SBP) has increased its working days from five to six a week and extended business timings in Ramadan. The institution has advocated gender diversity and inclusion in workplaces; its decision to revise working days and hours contradicts its policies.

Weekends are Important for Working Women

Senior Manager Corporate Investments MCBAH, Humaira Shakil Fasihi emphasized that the latest developments will discourage women from working in the banking sector as women with full-time jobs use the weekend as a chance to do household chores and focus on their loved ones. On weekends (Sat & Sun), the two days off allow women to manage full-time working jobs. With extended working hours and days, women will have no option but to quit their jobs to manage their households.

She wrote, “PM sb I ask you… Why should we give up on our professions, our families, our houses? Since we do not have the luxury of extra house staff, our house solely relies upon us for that matter.”

Banks are now open from Monday to Thursday and Saturday from 8:00 am to 3:00 pm. On Fridays, 8:00 am to 1:00 pm.

Leading institutions are revising their policies to reduce working hours and days to curtail work stress and increase productivity. They are religiously working to make mental health better for their employees. On the other hand, Prime Minister Shahbaz Sharif has decided to take Pakistan one step back instead of forward. The recent changes will only mull the creativity and performance of all employees while creating difficulties for all professional women.

According to World Bank Report, Pakistani Women Face a Disparity in Legal Equality in Pay, Marriage and Property Inheritance. Read the full story here:

According to a recent World Bank report, “Women, Business and the Law 2022”, Pakistani women face a disparity in legal equality in pay, marriage, and property inheritance. To counter these issues, the report strongly suggests Pakistan bring more improvements in legal equality for women. The report is structured around the life cycle of working women and covers 190 economies.

Pakistani Women Face a Disparity in Legal Equality in Pay, Marriage and Property Inheritance According to World Bank Report

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April 15, 2022 0 comment

WhatsApp Image 2020 12 28 at 11.34.17 AM

Editors' Picks News

Housewives Will Now Be Able to Open Bank Accounts Without Spouse’s Source of Income Through Digital Banking, State Bank of Pakistan

by Laiba December 28, 2020

written by Laiba

If you are a housewife or an unmarried woman, and if you have attempted to open a bank account at one of the bank’s in Pakistan, the bankers have likely asked you to provide your spouse’s or father’s source of income along with other documents. While the policies are installed for a purpose, it takes away women’s freedom to open a bank account in Pakistan independently.

The State Bank of Pakistan (SBP) has received many complaints about the matter from women in Pakistan. The issue has finally been addressed when State Bank’s announcement considering the option to open bank accounts digitally was made. The authorities are weighing the matter for now as digital is the way forward. According to the SBP Governor, Dr Reza Baqir, “Digital account opening…is the way forward.”

This will address the issue and “materially help with the account opening of housewives and more generally allow lending and credit to reach women as well,” he added. As of now, “Only 11.7 million or 18% of the adult women have active bank accounts compared to 51% for men.”

In a recent development, authorities allowed overseas Pakistani to open bank accounts without physically being present at the visiting branches and embassies. “We have a plan to introduce this facility domestically and to allow digital onboarding,” he added.

This year, SBP introduced a refinance and credit guarantee scheme that increased loan limit for female entrepreneurs. You can read the full story here:

SBP’s Refinance and Credit Guarantee Scheme: Loan limit Increased for Female Entrepreneurs

Baqir added that women were offered concessional financing through the central bank. “The concessional financing offers women to get loans of up to Rs5 million at 5% interest rate. There is a 60% risk coverage being provided to banks. This means the traditional issues of (submitting) collateral (for loan acquisition) can be considerably overcome.”

Even today, many women do not have enough information about the scheme despite the information being publicly available. “As of now, only 810 women in Pakistan have availed the facility, and only Rs613 million has been disbursed so far,” he said. Women can contact the central bank if they face any difficulty taking advantage of the scheme despite them providing all the required documents to the banks.

Baqir requested banks to generate quality data on gender banking. It would enable the central bank to form commending policies for all, including women. We think this is a progressive step towards the future. What do you think? Let us know in the comment section below.