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FINCA Micro Finance Bank launches first free digital wallet in Pakistan

FINCA Micro Finance Bank launches first free digital wallet in Pakistan

FAISALABAD: FINCA Micro Finance Bank is first free digital wallet introduced in Pakistan. It would not only facilitate SME (Small and Medium Enterprises) Sector to pay salaries to its workers but also make online payments to its suppliers/vendors through smart phone. This was disclosed by Chief Executive Officer of the FINCA Mudassar Aqeel.

He was addressing an introductory session in which salient features of Sim Sim Payroll Product were explained in detail.

He told that its 135 branches are operational in 110 cities which are also catering to the loaning needs of registered workers and vendors. “This facility is totally free as they could open their bank accounts by downloading FINCA APPS”, he said and told that this whole process will take only 5 to 6 minutes. He further told that FINCA has started digital banking from last year while its ultimate objective is poverty elevation. He said that in view of its effectiveness and free facility 3 lac accounts have already been opened and now they have introduced their Sim Sim Payroll Products through which the employers could pay salaries to their workers as well as vendors on real time basis. “It will also provide advance salary or loan subject to the permission of the concerned employer”, he added. He further told that the currently 160 organizations are availing the facility of Sim Sim Payroll while FINCA has launched an aggressive marketing campaign to facilitate maximum SME units.

Kashif Shahid CEO FINJA told that this product has been introduce in 21 countries and Pakistan is leading in these countries as a new account is being opened after every two seconds. Regarding digitalization, he told that in 2000 Pakistan was 137th country in the world among landline connection holders. “In 2010 after the introduction of Mobile Phones Pakistan become 6th largest country as digital connectivity had positive impact on it social, economic and cultural life”, he told and added that every business is linked with digitalization in a one or another way. He disclosed that in 2020 Pakistan will become 5th largest country with 100 million people having smart phones.

Earlier Mian Tanveer Ahmed Senior Vice President FCCI told that approximately 2 million workers are employed in SME sector of Faisalabad and to pay them salary is a difficult job. He hoped that Sim Sim Payroll Product of FINCA will facilitate the industrialists without any additional financial burden. He also appreciated the payment of advance salary or small loans to the needy employees and thanked the management of FINCA Bank for arranging this awareness session in FCCI.

They also responded to the questions and queries of the participants while two documentaries on Sim Sim Payroll Products were also screened.