Zong, Askari Bank sign MoU for branchless banking

STAFF REPORT IBD: The State Bank of Pakistan has issued branchless banking licence to Zong and Askari Bank.

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“Zong in collaboration with Askari Bank will be launching a complete branchless banking solution including wide spectrum of services like mobile account, money transfers, utility bill payment,” a senior official of Zong said in a statement.

He said that Zong and Askari have entered a pilot project which went under SPB audit in mid-September 2012 and last week the licence to launch a commercial branchless banking portfolio was given.

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The product will include all of the branchless banking services that Zong is going to offer, in addition to innovative services like salary disbursements.

This would be first of its kind collaboration where a telecom operator and a commercial bank would provide Branchless Banking services under a relationship where none of the parties has any shares or controlling interest in each other.

This is the second branchless banking license SPB issued this week. Earlier, Waseela Bank of Mobilink got the approvals for commercial launch of its mobile financial services, and we have heard their solution is live by now.

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