FINCA Microfinance Bank receives regulatory approval from SBP to launch SimSim on AutoSoft’s AutoMWALLET Branchless Banking Solution

The State Bank of Pakistan gave FINCA Microfinance Bank Limited the formal authorization for commercial launch of its SIMSIM wallet, after a successful pilot. The product is powered by AutoSoft Dynamics’ Branchless Banking Solution – AutoMWALLET and, using the company’s speedy implementation methodology, went live in a record 4 months.

FINCA selected AutoSoft’s AutoMWALLET in March 2016. AutoSoft is SAP’s only OEM partner for their Mobility Solution, SAP Mobile Platform Consumer Edition, 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.

SIMSIM is growing at a rapid pace thanks to its viral marketing flow and frictionless customer on-boarding process. AutoMWALLET is a complete, powerful, mobile payments and Service Delivery Platform. It offers support for mobile channels including mobile apps, portals, USSD, SMS, 3rd party networks through open APIs and works on any mobile device, on any network, with multi-lingual and multicurrency support.

Mr. Mudassar Aqil, CEO, FINCA Microfinance Bank Limited commented 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. We were delighted to have completed the successful implementation of AutoMWALLET at the bank in just four months and at a fraction of the cost of other branchless banking solutions. Using AutoSoft’s existing tried and tested banking plug-in’s we look forward to leapfrogging competition and offering innovative financial products including digital lending and micro savings on the mobile wallet. These 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, AutoSoft) commented on the occasion “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 while complying with The State Bank of Pakistan’s regulations . With the bank’s clear vision enabled by AutoSoft’s technology, I foresee significant growth potential for the bank.”

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