M-banking to facilitate unserved people

STAFF REPORT ISB: The recent years have witnessed a revolutionary concept of social and economic services that are fast changing with introduction of innovative mobile payments (m-payment) systems.

M-payment systems are particularly important for financial inclusion of poor and unserved in formal financial system and thereby are playing a vital role for an inclusive growth and poverty reduction in Pakistan.

The countrys cellular mobile companies and financial institutions have introduced some of the best m-payment models, which have resulted in expansion of network of agents and above 2.4 million m-wallet account holders.

A senior official in PTA has said development of successful m-payments systems needs coherent strategy, coordinated efforts and defined responsibilities among all stakeholders as these strategies should have clear roadmap for access, usage and quality of the M-payments.

An official at a mobile phone company said that m-payment systems in Pakistan are currently bank-led models as stipulated in State Bank of Pakistans Regulations for Branchless Banking.

“The cellular operators are configuring mobile banking services on basic handsets using various technical platforms/bearer channels,” said the official.

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