In the light of learning from a pilot project on Branchless Banking service methodology in its four branches, Asasah has implemented Branchless Microfinance in all branches spread from Lahore to Multan. Now all members (beneficiaries) of Asasah are being provided credit money through ATM cards and repayments are being collected through Easypaisa shops. By doing so, Asasah has become the first MFI in Pakistan serving its members through Branchless Banking system.
After successful completion of the pilot project on Branchless Banking services Asasah has implemented Branchless Banking solutions in all its 26 branches/offices. Being so, Asasah has become first Microfinance Institution in Pakistan who is offering Branchless Banking services to poor micro-entrepreneurs in the country. Now all members of Asasah are getting credit payments through ATM cards and are repaying their loans through Easypaisa shops. It is assessed that by introducing Branchless Banking method, opportunity costs of borrowers have considerable reduced, and they are feeling comfortable that once again they are being served at their door-step.
Tameer Microfinance Bank and Telenor Pakistan (aCellular Company) are collaborating Asasash in provision of microfinance services through Branchless Banking method of money transaction.
Towards realization of this venture the State Bank of Pakistan (Central Bank) has provided support in this project so that Asasah could pilot test this venture in four of its branches.
Back in 2003, when Asasah started its microfinance operations, the organization was disbursing loan amount and collecting repayments in cash. As it grew, it was felt that cash transaction might become risky both for clients and staff. At that time Asasah introduced payments and repayments through bank. Though, this procedure avoided risk of cash embezzlement by the staff, however resulted in inconvenience and high opportunity costs for clients.
By PDAUCO payday loans uk