Khushhali Microfinance Bank Limited (KMBL) – a leading financial institution in Pakistan, has pioneered another technological advancement to add convenience for its customers, with a mobile-banking solution. This state of the art digital tool enables ‘remote monitoring’ of your KMBL account, even if the account-holder uses a basic ‘Feature Phone’. The customers do not need to own a smartphone for using this new service, which is based on a secured ‘Unstructured Supplementary Service Data’ (USSD) channel, to ensure accessibility without the need to physically visit a bank branch or own a smart phone.
In the first phase of this innovative venture, all the KMBL customers using Zong, Ufone, and Jazz/Warid telecom services will be able to avail the Khushhali USSD Mobile Banking, simply by dialing *8226#. During the initial phase, this solution will offer basic features like: Loan Account Inquiry, and Account Balance Inquiry for the Current and Saving Accounts.
The President of KMBL – Ghalib Nishtar stated that:
“Introduction of this revolutionary service is another milestone in KMBL’s journey towards digital transformation. Following our vision, we strive to offer highly evolved banking services, on the go, round the clock, while we are striving to resolve the socio economic challenges and financial-security issues faced by the masses, especially during the global Covid-19 pandemic. This venture is in line with global best practices and the vision of State Bank of Pakistan (SBP), to enable online access to banking for the consumers.”
KMBL’s technology partner for this project is:
“Virtual Remittance Gateway (Private) Limited” (VRG) – a TPSP company, duly licensed by SBP and Pakistan Telecommunications Authority (PTA), to perform ‘Interoperable-Payments’, along with channeling, routing and switching of electronic transactions, using Unified USSD service. “
Being one of the most resourceful institutions in Pakistan – KMBL is evolving in sync with the highly competitive banking industry of the country. It is deploying the latest mobile banking solutions, in compliance with the government’s favorable policies, to inspire and elevate the nation at par with the developed world.
All in all, the financial ecosystem is evolving to a massive extent. Similar to Khushhali Microfinance Bank, many other banks have started to implement the latest technological trends in order to ensure safe payments, secure back and forth transactions, and more. With KMBL, making an impact through its respective features, other fintech companies would seemingly chime in and bring forth more features to their respective banking products.
About Khushhali Microfinance Bank:
Khushhali Microfinance Bank is a pioneer institution amidst Pakistan’s microfinance banking industry, having been created in 2000 to address the challenges of poverty and access to finance. Over the decades, the Bank has created a customer focused expertise, backed by strong financial, operations, and product management to invest in next generation financial and delivery management systems aimed at Pakistan’s rural and urban communities.