The branchless banking initiative in Pakistan
is continuing to blossom.
According to the latest Branchless Banking
Newsletter by the State Bank of Pakistan, the total number of
branchless banking accounts has soared by 51.23% in the quarter to
end-September.
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There are now 357,598 active branchless
banking accounts.
Total branchless banking deposits also grew at
an impressive speed, rising by almost a third (28%)
quarter-on-quarter to PKR187m ($2.1m).
The total number of transactions grew by over
a quarter in the three months to the end of September to 15.9m.
This was in correlation to the growth in the average number of
transactions per day, which rose by 27% to 176,296.
Adnan Nayab, senior vice president, country
head retail network, branchless banking & digital payments at
United Bank (UBL Omni) said:
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By GlobalData“It certainly has immense potential and this
growth rate is zilch considering the base point.
“However, the real spur up & adoption took
place where the menu offerings on mobile wallet is more pervasive
(not limited to money transfer & bill payment predominately) as
in the case of OMNI & Easypaisa.
“Furthermore, the ease of functionality,
security, cash in/out touchpoints, increasing inter-operatibility
of banks/telcos (yet a distant dream) and word of mouth are
critically important.”
