The State Bank of Pakistan (SBP) has given the go-ahead to startup SadaPay to launch a pilot operation next year. Aghaz is planning to make Pakistan's financial services industry more efficient by eliminating the physical bank branches of the past and thus offering free banking services through MasterCard.
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| SadaPay to launch a pilot operation in 2021 |
The company has already received a lot of attention before launching with a waiting list of 1.5 million people who want to use this service. Brenda Timinsky, founder and CEO of SadaPay, had previously said: Has been blown up. We can't wait for our customers to experience what we've built over the past year.
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| SadaPay Mastercard |
SadaPay will now offer its services under the supervision of the SBP for a period of 60 days starting in January 2021. Initially, the company will be allowed to add up to 1,000 customers to its waiting list, and the operation will be closely monitored. After a period of SBP investigation to evaluate the performance of the new model of banking company, if the company approves the requirements of SBP, the company will be given a full commercial license.
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| Free Digital SadaPay Wallet |
Talking about the approval of SBP, Dr. Waqar Masood Khan, Chairman, SadaPay, said, “SBP is pleased to see so much eagerness to open up the real potential of digital payments in the country. There has always been a mission-driven company focused on improving lives, and I can't be more excited to see the impact of this proposal on our economy.
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