The State Bank of Pakistan gave regulatory approval to SimSim, the country's first free mobile wallet, Pakistan-based The Express Tribune reported May 31, citing Mudassar Aqil, CEO of FINCA Microfinance Bank Ltd.
The approval was granted under the central bank's branchless banking regulation framework.
Aqil said SimSim's instant mobile account will boost financial inclusion in Pakistan and digitize the economy.
Prior to obtaining approval from the central bank, the mobile wallet had completed a beta pilot and recorded 600 million rupees in transactions, 30,000 self-registered mobile wallet accounts and a retail network of 500 participating merchants, the report added.
SimSim is a collaboration between FINCA Microfinance Bank and fintech company FINJA Pvt. Ltd.
As of May 30, US$1 was equivalent to 104.84 Pakistani rupees.