LAHORE: The State Bank of Pakistan gave FINCA Microfinance Bank Limited formal authorisation for commercial launch of its SimSim wallet, the other day.
FINCA selected AutoSoft’s AutoMWALLET in March 2016 and using the company’s speedy implementation methodology, went live in a record 4 months. AutoSoft is SAP’s only OEM partner for their Mobility Solution in Pakistan. With the AutoMWALLET suite, the solution becomes much more powerful facilitating provision of micro-loans, saving deposits, term deposits, remittances, and other banking services all while complying with The State Bank of Pakistan’s regulations.
Mudassar Aqil, CEO, FINCA Microfinance Bank Limited said on the occasion: “We wanted to offer an interoperable platform that is telco agnostic and allows for quick and easy integration with any system wishing to work with SimSim. It was critical for us to mitigate the risk of implementation delays similar to those faced by other banks due to the complexity of implementing branchless banking software. Our product will truly add value to our customers and allow the bank to implement The State Bank of Pakistan’s vision of financial inclusion.
Ms. Sadia Khan, CEO of AutoSoft, commented on the occasion that with the bank’s clear vision enabled by AutoSoft’s technology, she foresaw significant growth potential for the bank.
“AutoSoft is excited to be working with FINCA for the automation of their branchless banking platform. AutoMWALLET, when used alongside our core banking plug-ins, will allow the bank to offer saving deposits, term deposits, remittances, and other banking services on the wallet, all the while complying with The State Bank of Pakistan’s regulations,” she said.
