SBP Announces Asaan Digital Accounts for Women's Financial Entry

SBP Announces Asaan Digital Accounts for Women’s Financial Entry

The State Bank of Pakistan (SBP) unveiled the Asaan Digital Account (ADA) during its ‘Assan Digital Account: Breaking Barriers’ event in Karachi on Monday.

The event was organized in partnership with Bank Alfalfa, Standard Chartered Bank (SCB) and United Bank Limited (UBL) to celebrate the journey of women’s financial integration in Pakistan. SBP Governor Dr. The main guest of the event was Reza Baker.

r. Baqir expressed confidence that Asaan Digital Account would remove barriers to women’s financial integration by providing faster, cheaper, more efficient and convenient solutions to meet women’s needs. Asaan Digital Account is a fully digital solution to open a full-service bank account from anywhere, anytime, using a smartphone or computer, without the need for CNIC and any other documents.

Dr. Bagir praised the contribution of women in various fields and stressed that increasing women’s empowerment is key to Pakistan’s socio-economic development. He said that gender differences prevent women from exercising their opportunities, rights and responsibilities in all areas of life compared to men. But International Women’s Day encourages women to pause and think about systemic barriers that limit their search, she said. Dr. Bagir also stressed the need to reflect and update the ambition and transformative potential of gender equality in financial services.

The SBP chairman noted that women’s participation in financial services has traditionally remained low due to difficult documentation requirements, proximity to bank branches and persistent obstacles such as the availability of suitable products. women’s inability to even access basic financial services, such as owning a bank account.

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He added that the SBP had overcome these obstacles and appealed to women’s financial integration through various initiatives in Capital Policy, such as Banking, Raast (Pakistan’s first instant payment system), and a comprehensive Digital Customer Participation Framework to facilitate the proper opening of bank accounts. and Asaan Mobile Account that anyone with a simple phone can open and use by dialing * 2262 #.

The central bank has also launched various financing schemes, such as the SBP Refinancing and Credit Guarantee Program for Women Entrepreneurs, the KOBI Easy Financing or SAAF Initiative, and the Prime Minister’s Rare Youth Entrepreneurship Plan and the National Financial Literacy Program. giving the masses basic financial education.

Dr. Bagir stressed that these initiatives have already closed the gender gap in the financial sector and services, but more needs to be done. He encouraged women to open bank accounts through the newly introduced Asaan Digital Account, and called on all banks to simplify the process of opening accounts, increase value proposition for women and market features to expand their reach.

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The group’s chairman, Bank Alfalah, Mehreen Ahmed, said Bank Alfalah had been helping women become financially independent in many sectors of the economy for several years. She explained that the bank provides start-up financing to women entrepreneurs to start new businesses and allocates funds to expand their already established businesses.

Rehan Shaikh, CEO of Standard Chartered Bank, said that women are an integral part of society and that their full and equal participation in all aspects of society is a fundamental human right. He praised SBP for playing a leading role in creating an environment for crossing borders in this area. Sheikh also noted that the banking industry is embracing the digital transformation with the continued attention and support of the SBP.

Shazad Dada, President and CEO of United Bank Limited (UBL), congratulated SBP on the Asaan Digital Account Initiative, attributing its remarkable success to its simplicity and accessibility to customers from all over Pakistan, including non-banking regions. She found that the account was ideal for Pakistani women because it could be opened from anywhere and there was no need to go to a branch to open or maintain an account.

The event was attended by heads of financial institutions, influential women leaders and celebrities from different walks of life. SCB, UBL and Bank Alfalah set up booths where viewers can experience the opening of Asaan Digital Accounts live.

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