Digital Transformation to Alleviate Poverty of the Poor People
Al-Amal Microfinance Bank (AMB) shifted for digital transformation for development of financial services on phone apps via Mobile Banking (PYes) in conjunction with global shift for online banking services due to the spread of COVID-19. To address the challenges brought about by the pandemic, AMB created a package of online financial services on PYes App, which includes access to electronic finance and management of current accounts, merged with online ones though Al-Amal Mobily. The mobile banking services package also enables donor organizations that provide cash transfer projects and legal entities to run their own current accounts and browse reports online via Al Amal Web App.
The objective of this study is to explain the role AMB online services played amid the corona pandemic as outlined below:
- Strengthen public safety measures in response to contemporary requirements of the period.
- Promote e-money uses in a way consistent with clients’ needs and reduce use of cash during this period in particular.
- Reach disadvantaged groups in need of banking services.
- Pursue special awareness and promotional policies and provide financial services that enable vulnerable populations to make use of mobile banking services.
- Contribute to increasing financial inclusion to an extent fostering economic growth in the country.
