AWCC to Boost Mobile Financial Services in Afghanistan

By Afghan Wireless

Introduction

Afghan Wireless Communication Company (AWCC), the leading telecommunications company in Afghanistan, received a banking license from the nation's central bank in May of 2014. AWCC initially established itself in the mobile banking market in 2012 with its "My Money" service. According to Central Bank Director Noorullah Dilawari, AWCC's license will eventually allow over 90 percent of Afghan citizens to access banking services. This number represents a significant increase from the current level of 10 percent.

Afghanistan

The move comes as Afghanistan continues to surge ahead in the area of mobile financial services. The convenience of mobile banking was introduced to the country only five years ago. Since then, the use of such services has exploded, despite the challenges of violence and political unrest in some quarters of the nation.

Conclusion

Today, at least four different telecom companies offer some form of mobile banking in Afghanistan. Thanks to this industry growth, countless people from all walks of life are rapidly adapting to the use of mobile financial technologies, even in rural areas where poverty is high, literacy rates are low, and traditional banking has had little to no presence.