Branchless banking proves vitality for national economy
STAFF REPORT IBD: The inclusion of innovative financial services is essential for the survival and prosperity of poor masses in the country and the State Bank of Pakistan (SBP) sees mobile commerce as a fantastic opportunity for multiple stakeholders.
Yaseen Anwar, Governor SBP, said this while speaking as chief guest at Mobile Commerce Conference recently held here.
He said that the innovative branchless banking models have been penetrating in all areas of payments such as utility bills, Government-to-Persons (G2P), Persons-to-Persons (P2P) payments while scaling up other services relating to deposits and loans.
PTA and SBP have entered a joint venture by signing an MoU to make interoperability between telecom operators and banks for the growth and expansion of mobile commerce, the Governor said and added that presently, the branchless banking accounts have increased to over 929,000 – touching a million soon.
“Pakistan will be converted into the world leader in branchless banking in three years with uncommon innovative products and its utility amongst the customers,” Nadeem Husain CEO of Tameer Bank, said in his remarks on the occasion.
He stressed to cash in on the fantastic opportunity and the need for branchless banking in Pakistan. Nearly Rs 1.6 trillion rupees is swirling out from banking system and it needs to make regard to bring it all into the system.