branchless banking growth of 23 in pakistan
Last Updated : GMT 22:22:59
Arab Today, arab today
Arab Today, arab today

Branchless banking growth of 23% in Pakistan

Arab Today, arab today

Arab Today, arab today Branchless banking growth of 23% in Pakistan

Karachi - Arabstoday

Branchless banking has been rising in Pakistan, and it grew by 23 per cent in the third quarter of the current fiscal year 2011-12. The State Bank of Pakistan on Friday issued a newsletter on branchless banking which says that branchless banking continues to show a rising trend and surged by 23 per cent to 25.3 million as compared with 20.6 million in the preceding quarter. The value of these transactions was recorded at Rs85 billion, showing a growth of 7 per cent as compared with Rs79 billion in the quarter ended on Dec.31. The average daily branchless banking transactions increased to 280,798 in the third quarter, showing a growth of 23 per cent as compared to 228,858 transactions in the previous quarter. The branchless banking deposits grew by 18 per cent to Rs594 million in January-March 2012 quarter as compared with Rs503 million in the preceding quarter. The total number of branchless banking agents increased by 19 per cent to 26,792 in January-March FY12 quarter as compared with 22,512 in the quarter ended on Dec.31, 2011. Similarly, the total number of branchless banking accounts surged by 14 per cent to surpass one million mark in the quarter under review as compared with 929,184 in the previous quarter. The branchless banking agents now have the footprint in 89 pre cent of the total districts in Pakistan, out of which 52 per cent have more than 90 agents which are mainly located in low income urban or rural communities. The number of registered m-wallet accounts (a popular branchless banking service in which cash value is stored on mobile phone of a customer which can be used for deposits, withdrawals, and money transfer through mobile phone) reached 1.03 million at the end of the quarter under review. The number of active m-wallets is about 53 per cent. About 5,573 debit cards have also been provided to mobile account holders, indicating efforts to create value proposition in m-wallets. Branchless banking service providers are trying to increase their linkages with microfinance institutions as loan repayments of Rs312 million were collected through branchless banking agents during the quarter under review.

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