FINCA, one of the leading micro-finance banks in Pakistan, has announced their partnership with 1Link to launch its first chip based debit card for their branchless banking (SimSim) customers. This is the industry’s first EMV enabled PayPak debit card which ensures authenticated chip-card transactions. With this launch, SimSim intends to expand its digital payment services whereby customers can withdraw money from any ATM booth or make seamless payments at any retailer across the country. These transactions are secured by a 4 digit PIN code which the customer is required to punch in after the retailer swipes it on the POS machine. SimSim thereby has shielded its customers from potential fraud and scam by taking this initiative. This card can be ordered through the app and delivered to the requisite person in 7 working days. Commenting on the venture, Mudassir Aqil, CEO of FINCA said,“ We are excited to partner with 1Link and launch Pakistan’s first EMV enabled PayPak Debit card that will help us expand electronic payments to our customers and help us progress towards our vision of maximizing financial inclusion. SimSim debit card will provide a convenient and secure payment experience for people. The nationwide acceptability and enhanced security features that come with this PayPak card will help drive more acceptance and usage amongst the general audience.” Must Read: SNAPCHAT PARENT COMPANY’S CHIEF STRATEGY OFFICER IMRAN KHAN TO STEP DOWN Adding on, Mr. Najeeb Agrawalla, CEO of 1LINK commented, “We welcome FINCA’s initiative for the issuance of PayPak. This will help them broaden their product portfolio but also contribute towards the enhancement of the digital financial landscape of the country. This is definitely a positive step towards bringing the homegrown payment system to Pakistani market while facilitating national goals.” SimSim by FINCA, Pakistan’s leading mobile financial solution, has been facilitating its customers by providing cutting edge, innovative services every now and then. This is another step in the long-term vision of freeing the country from cash by introducing such new avenues. SimSim aspires to transform conventional methods of payment by providing breakthrough digital banking solutions and has always strived to benefit its customers to the max. Customers can apply for the card by logging into their mobile app after downloading from the Google Play Store or iOS App Store. Alternatively, customers can also order their cards via SimSim’s 24/7 helpline.
SimSim and EFU Life join hands towards Inclusive insurance
SimSim, Pakistan’s leading mobile account has entered into collaboration with EFU Life for providing Life Insurance cover to its customers. This platform is revolutionizing digital commerce growth in Pakistan and has been focusing on providing reliable cost effective services to its customers which are evident from its recent campaign focusing on free funds transfers. The signing ceremony was recently held in Lahore. The aim of this partnership is to provide customers relief from the complicated process of subscribing and claiming insurance. SimSim will offer a simple and intuitive subscription process using which customers can buy insurance in just a few clicks. It intends to build insurance in the customer journey through various new and innovative ways. Life insurance in Pakistan is often perceived as an extra expense and a tedious task to obtain, however this collaboration aims to change that mindset. Must Read: Pakistan China E-Commerce Venture, ezbuy Launches in Pakistan EFU Life, a leading Life Insurance Company has been a proponent of insurance services being offered over digital channels and is actively exploring different models to incorporate Insurtech in the customer life cycle. While sharing his views on the collaboration with SimSim, Mr. Mohammed Ali Ahmed, Chief Strategy Officer, EFU Life, stated, “We are delighted to join hands with SimSim. Our collaboration is a major step towards the goal of financial inclusion and exploring Insurtech in Pakistan. Through this technology driven platform, our mutual, potential customers will be able to avail insurance in an exceedingly stress-free manner. I’m confident that this partnership will serve to benefit all parties involved but the biggest winner here is most definitely the customer.” Commenting on this occasion, Mr. Tughral A. T. Ali the Head Branchless Banking at FINCA said, “We are proud to have EFU Life on board as our partner. Our aim is to provide our customers with a one-stop hassle-free insurance service. We are certain that this partnership will be mutually beneficial for both our customers. Our goal is to provide customers value in all of our products and addressing pain points which include simplifying complicated processes while remaining compliant to regulation. This collaboration is a key step towards achieving that goal.”
FINCA RESOLVES TO BECOME DIGITAL AND DATA DRIVEN FOR 2018
FINCA Microfinance Bank Ltd, one of the fastest growing microfinance banks in Pakistan, kicked off the New Year with a resolution to become a completely digital and data-driven organisation in the year 2018. The resolution was announced during the Azm-e-FINCA 2018 event, held on the first day of the New Year at the Peeru Cafe in Lahore. Under the resolution, dubbed FINCA 2.0, FINCA Microfinance Bank will aim towards achieving its goal of becoming an organisation that is digital and data-driven with customer-centric focus. The ultimate aim is to use data towards maximising customer satisfaction and helping create products and services that meet all customer requirements. Must Read: The Innovative Lion Wireless Charger Is Launched By Aursen The event was attended by all FINCA staff members, including top management and other stakeholders. Speaking on the occasion, Mr. Shahid Hosain Kazi, COO FINCA, said, “FINCA has always been at the forefront of innovation, and constantly strives to infuse smart technology-based systems at the core of our business. For 2018, we aim to ensure that data insights drive our decision-making; and intend to mould smart solutions for new opportunities for our customers.” He added, “We are calling this resolution ‘FINCA 2.0’ to highlight the evolution of the bank into a more efficient, digital and data-driven organisation, with less wastage and products that are focused around customer needs.” FINCA Microfinance Bank takes pride in being an early adopter of technology in Pakistan, and its initiatives will enable it to leverage data to understand customer needs, enhance customer experience, and scale its rapidly growing digital financial services platform, SimSim E-Wallet. The event ended with a cake cutting ceremony and a spiritual performance by Mian Meer Qawal.
FINCA OPENS NEW BRANCHES IN YAZMAN & KOT ADDU
FINCA microfinance bank limited, one of the fastest growing microfinance banks in the country launched its branch operations in two new cities in the country. The new branches in Yazman (Bahawalpur district), and Kot Addu (Muzaffargarh district), will improve access to financial solutions for micro entrepreneurs and unbanked communities in the area. The expansion comes as part of FINCA’s purpose to provide responsible and impactful financial services to enable micro, small entrepreneurs and low-income communities to invest in their futures. This addition brings the total number of branches in FINCA Pakistan’s network to 115, in over 104 cities, making progress on our mission to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living. Must Read: DWP Group Recently Hosted A Golf Tournament At DHA Country And Golf Club-Karachi. Commenting on the occasion, Zar Wardak, VP & Regional Director Middle East and South Asia at FINCA Impact Finance & Chair of FINCA Pakistan’s Board of Directors said,“Pakistan has been one of our strongest markets and we’re always excited to increase our outreach in the country, to serve a greater number of communities. We at FINCA Impact Finance are fully committed to further strengthening the FINCA brand in Pakistan, and making it synonymous with an organization that earths unconventional yet highly impactful solutions to address the wide gap between the supply and demand of financial services in the country.” FINCA Pakistan’s COO, Shahid Hosain Kazi, remarked, “I am delighted that FINCA has reached 115 branches in Pakistan as it demonstrates our commitment to expand outreach in order to meet the needs of a wide consumer base that is still financially excluded. Through increased financial provision, more people will be able to borrow to scale up their small businesses, save for important household occasions, and conduct their everyday transactions with remarkable convenience.” The bank is also a strong proponent of technology driving nationwide financial inclusion through easy access to banking services such as FINCA’s digital mobile wallet “SimSim”. Through SimSim, any potential customer can open a wallet with FINCA microfinance bank in one minute and unlock a suite of transaction that he or she can do remotely from the comfort of their homes.
Loan Client of FINCA selected for the Bano-Qudsia Award for Creativity
Bushra Rasheed, owner of Qiynat Beauty Salon and a client of FINCA was selected for the ‘Bano-Qudsia Award for Creativity’ at the ‘Chiraghan-E-Nissa’ – Women Expo 2017. The Women Expo 2017 was organized to encourage female entrepreneurs in every walk of life. The event was organized by the Investment Climate Reform Unit (ICRU) in collaboration with the Punjab Board of Investment & Trade (PBIT). FINCA, one of the fastest growing microfinance banks in Pakistan is a supporter of women empowerment and has granted loans to numerous women who aim to establish their own businesses. FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 21 microfinance and financial institutions that provides socially responsible financial services, and enables low-income entrepreneurs and small business owners to invest in the future. FINCA is one of the fastest growing microfinance networks in Pakistan, with 120 branches in more than 100 cities across Pakistan. It is the pioneer microfinance bank in Pakistan, and recently introduced the first complete digital mobile wallet – SimSim that can be opened and operated from one’s smartphone; anyone can open an account, sitting at home, in just one minute. SimSim empowers users by providing a payment solution which not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem.
