Mobile banking accounts st and at 1.8m
December 31st, 2012 | Technology Times | No Comments
STAFF REPORT IBD: Mobile banking accounts have risen to 1.8 million mark depicting a remarkable growth of 25 per cent during July-September quarter of 2012, according to Branchless Banking Newsletter released by the State Bank of Pakistan (SBP).
Branchless Banking (BB) customers conducted almost 31.5 million transactions worth Rs 139 billion during the quarter. The average size of each transaction was Rs 4,420, while the average number of transaction per day increased to 0.349 million.
The data shows that the accounts activity level has also improved considerably during the quarter at the back of a significant growth of 84 per cent in Level 0 accounts and 7 per cent growth in Level 1 accounts. These accounts are opened at the agents location largely by those who have traditionally been excluded from the banking services.
The agents network has reached 31,637 as of September 30, 2012 from 29,525 as on June 30, 2012 registering an increase of 7 per cent.
Bills payments and mobile top-ups remained the dominating activity during July-September 2012 quarter with 45 per cent share in total numbers, followed by person to person (over the counter) fund transfers with a share of 38 per cent. Bulk payments mostly by agents topped, among others, by 41 per cent share in total value transacted during the quarter followed by person to person fund transfers with a share of 34 percent.
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