SBP Mandates Call Back Confirmation for ASAAN Mobile Accounts

The State Bank of Pakistan (SBP) has instructed commercial and microfinance banks (MFBs) to reintroduce the regulatory procedure of Call Bank Confirmation (CBC) for the activation of ASAAN Mobile Accounts (AMAs) within 30 days of their establishment.

The central bank issued a circular stating that banks and MFBs must carry out CBC on AMAs within 30 days from their inception, rather than conducting biometric verification within 60 days from the opening of AMAs.

SBP Mandates Call Back Confirmation for ASAAN Mobile Accounts

This directive aims to simplify the process for AMA customers, particularly women, enabling them to access financial services seamlessly through digital means, as stated by the regulator.

Furthermore, banks and MFBs have been counselled to perform CBC for all AMA customers whose accounts were opened after the expiry of the temporary waiver on May 10, 2023, and have not undergone biometric verification.

This move by the SBP underscores the importance of streamlining the account activation process for mobile banking customers. By reinstating the CBC requirement within a shorter timeframe, the SBP aims to enhance the accessibility and efficiency of financial services, particularly for underserved populations such as women.

The decision to prioritize CBC over biometric verification reflects the SBP’s commitment to promoting financial inclusion and digital banking adoption in Pakistan. By leveraging technology and regulatory measures, the SBP seeks to empower individuals, including women, to participate more actively in the formal financial system.

The reintroduction of CBC aligns with the SBP’s broader efforts to foster a conducive environment for digital financial services and advance financial inclusion goals in the country. By ensuring timely and effective account activation procedures, the SBP aims to enhance the overall customer experience and promote greater usage of mobile banking services.

In conclusion, the SBP’s directive to reinstate CBC for the opening of ASAAN Mobile Accounts underscores its commitment to promoting financial inclusion and digital banking accessibility in Pakistan. By simplifying account activation procedures and leveraging technology, the SBP aims to facilitate greater participation in the formal financial system, especially among underserved populations such as women.

PTA Taxes Portal

Find PTA Taxes on All Phones on a Single Page using the PhoneWorld PTA Taxes Portal

Explore NowFollow us on Google News!

Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
>