Fintech Innovation Helping Expand Financial Inclusion in Pakistan
According to the World Bank’s Global Findex 2017, only 21% of Pakistan’s adult population has access to formal financial services.
FINCA Microfinance Bank Ltd in Pakistan is changing that. One of 20 FINCA Impact Finance subsidiaries around the world, the company recently launched SimSim, Pakistan’s first free mobile e-wallet. SimSim is helping FINCA Pakistan expand access to financial services by digitizing payments–anyone with the app can easily pay utility bills, transfer funds, top up their mobile balance, purchase bus and movie tickets and access a range of other services. Users are able to conduct their banking without ever setting foot in a brick-and-mortar bank branch.
SimSim has been a major success story for financial inclusion in Pakistan. Launched in September 2017, the e-wallet now has more than 185,000 users–equal to more than 25% of FINCA Pakistan’s total customer base.
Not only does SimSim make it easier to make day-to-day financial transactions, it also helps entrepreneurs build the credit history needed to obtain finance to expand their businesses. By creating a digital record of transactions, SimSim makes it possible for entrepreneurs in Pakistan to more easily demonstrate their creditworthiness.
SimSim is just one example of how FINCA Impact Finance is leveraging FinTech innovation to put financial power in the hands of people wherever they are. As more of Pakistan’s 193 million people seek financial services in the coming years, FINCA will remain at the forefront.
Learn more about SimSim by watching FINCA Impact Finance’s new video: