Khushhali Microfinance bank begins digital account onboarding

Khushhali Microfinance Bank Limited is playing a pivotal role in empowering the underprivileged masses to accelerate socio-economic growth and development of Pakistan. In compliance with the recent directives from the State Bank of Pakistan’s (SBP), Khushhali Microfinance Bank has now deployed the most innovative technological solutions for enabling the customers (all resident-Pakistanis) to ‘digitally’ open their ‘Asaan Digital Account’ and operate it through contactless interactions, very conveniently and effectively. This account has no initial deposit requirement.

The customers can now open their ‘Asaan Digital Account’, while sitting comfortably at their home. They simply have to submit their basic details with Computerized National Identity Card (CNIC) number to register, on the website of Khushhali Microfinance Bank. It provides access to a complete range of financial services, on-the-go, round-the-clock, without visiting any bank branch. In the post-Covid-19 era, this new digital eco-system will help in enforcing the social-distancing protocols, while the digital ecosystem will ensure “Customer Due Diligence”, to help the banks/MFBs in customer-identification and verification for better risk-management.

The President & CEO of Khushhali Microfinance Bank – Mr. Ghalib Nishtar stated that: “Being the largest developmental microfinance bank (MFB), we are delighted to have achieved another great milestone, as we continue to inspire Pakistan’s banking sector to progress, in sync with the global digital revolution. Khushhali Microfinance Bank has also adopted the State Bank’s new digital regulatory framework for Customers’ Onboarding, to promise more convenient and secured banking experiences.”

Khushhali Microfinance Bank takes pride in developing its policies in line with the SBP’s National Financial Inclusion Strategy (NFIS), to improve inclusive economic growth and to improve income and livelihoods opportunities for poor and marginalized groups in Pakistan. The NFIS primary objective is to expand the access to financial services for the poor and marginalized groups and for micro, and small enterprises in Pakistan.

The salient features of this non-interest-bearing checking account are: exemption from zakat-deduction, while it keeps your money secured and allows unlimited fund-withdrawals, with easy accessibility through the vast network of online branches, throughout Pakistan. Since the Asaan Account has no minimum-balance requirement, it will benefit the low-income segment, while helping the nation meet its financial-inclusion objectives.


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