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Home Headline

Changing the Destines of the Poor

News Desk
November 2, 2021
Ikram Sehgal
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The under-privileged forming the majority of the population constitute the great  silent mass in our country, their voices are often drowned in the cacophony of  political, economic and social play which goes on every day. 

While VRG’s ethos is deeply rooted in the ideal of serving Pakistan. From the  very beginning, we have had as our commitment to serve the 80% adult  population that cannot open a bank account. The underprivileged and the poor  are without access to Financial Services. They deserve all those facilities which  are available to the affluent, well-established segment of our population, with  the least complications and in an affordable manner. Imagine having a  population of nearly 100 million that does not have a bank account, and the  gigantic challenge of increasing Pakistan’s GDP becomes clear. Without  access to banking facilities, micro loans, micro insurance, etc, these people live  on the fringe of economic development. 

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The USSD platform created by VRG is aimed at providing access to the  financial services to millions of Unbanked Pakistanis, enabling them to reach  Banking services from any type of phone, without 3G, 4G, WiFi or Internet.  

The Government of Pakistan (GOP) and SBP created a special category of  account called “Asaan Mobile Account (AMA)” with the noble intention of  empowering the people to create and operate a banking account, using the  USSD channel, and become a part of the “Banked” population. Imagine a  mechanism so easy and convenient that ordinary Pakistanis can open their  bank account on mobiles in less than 2 minutes, and then use it to transfer  funds, pay bills, and do Mobile top ups, seamlessly, and also do it a far lesser  cost other modes. After intense due diligence by PTA, SBP & LEA, VRG  obtained the Commencement Certificate from PTA in April 2021, and the Final  Authorisation Letter from SBP in May 2021. 

A part of the 5th Generation Hybrid Warfare which Pakistan is facing on many  fronts is that whenever someone initiates a step to improve things in Pakistan,  and for its people, forces inimical to our progress and development band  together to block that path. A Stay Order was obtained against PTA and VRG  to prevent it from undertaking any commercial activity through this platform,  which was aimed at serving the people of Pakistan. By law judgments  supposed to be delivered in 90 days, 250 days have elapsed since the Order  was reserved for decision, we understand that a backlog of cases is preventing  the Honourable Court giving much needed relief and boost to the  underprivileged masses of Pakistan having no bank account and thus no  access to financial benefits. Having the fullest confidence and trust in our  Judiciary, while legal formalities are being addressed we have pledged to serve  Pakistan and its people, particularly the poor and impoverished, with  unwavering patriotism and a sense of purpose.

Till such time that the decision of the Honourable Court is received for  commencing unhindered commercial operations. The Sponsors of VRG  decided to bear the entire cost of the AMA services for the people of Pakistan 

Like an Electronic Highway, VRG connects people ( mobile phone subscribers)  with their banks. During extended Pilot phase, more than 1 million people have  opened their AMA accounts, conducting over 11 million bank transactions worth  over Rs: 6 billion through this channel. These 1 million account holders who  used this Electronic Highway include FC Jawans posted on our Western  Borders, receiving their salaries, and then using this channel to send money to  their families back home, village-residing parents sending money to their sons  studying in cities, city workers, maids, drivers, labourers – in short, exactly the  type of people for whom AMA was designed.  

The National goal is to enable 65 million new AMA accounts to be facilitated by  this USSD channel by 2023, under the National Financial Inclusion strategy,  which is part of the 2030 World Bank’s Sustainable Development Goals. 

Committed to helping Pakistan achieve that goal, VRG In-sha Allah intends  leaving no stone un-turned in our endeavours to serve the people through  innovative technology solutions.

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