Branchless-Banking accounts number reaches record 33 million

ISLAMABAD (APP): The number of Branchless-Banking (BB) accounts has risen up to 33 million by September 2017, exhibiting a positive trend during the last one year.

The rise in Branchless-Banking accounts is exhibiting a steeper trend since June 2016 due to the creation of an enabling environment by central bank and vibrant role of BB players in facilitating account opening process through bio-metric devices at agent locations and remote account opening options.

The three month period from July to September, 2017 saw a record increase of 5.7 million accounts.

As per statistics, 25.6 million male and 7.3 million female accounts make up all the Branchless-Banking accounts. Sindh represents the highest share of female BB accounts with 25 per cent, followed by Punjab, Khyber Pakhtunkhwa and Gilgit Baltistan.

The Branchless-Banking accounts witnessed a 29 per cent increase in female accounts as compared to 19 per cent increase in male accounts in said quarter – a positive sign in gender inclusion.

However, this phenomenon was mainly noticed in Punjab, whereas other provinces experienced higher growth in male accounts than female accounts.

The significant rise in Branchless-Banking accounts and limited share of active accounts exhibits the fact that the BB platform is attracting more people, however, it still needs to provide value-added services for generation of activity in the accounts.


Internet banking on rise in Pakistan

ISLAMABAD (APP):The adaptation of Internet and mobile banking has witnessed a remarkable growth as the number of users and their use of the banking services through advanced and convenient channels are on the rise.

Pakistan Telecommunication Authority (PTA) has issued the ‘Regulations for Technical Implementation of Mobile Banking, 2016’ to formulate the mechanism of introducing an interoperable mobile banking model.

Under these regulations, PTA has invited applications for the issuance of Third Party Service Providers (TPSP) licenses that will bring true interoperability between the CMOs and financial institutions.