All this may serve to highlight why
branchless banking (OTC in particular) has been successful in reducing dependency on the informal financial sector.
The partnership is part of our concerted efforts for the development and promotion of a digital ecosystem in Pakistan that aims to extend the benefits of communications technology to the common man in every part of the country,' said Khurram Malik, Head of
Branchless Banking, Telenor Microfinance Bank.
Noman Azhar, Head of
Branchless Banking and Digital Initiatives - JS Bank stated, "This partnership with SCO is another step in JS Bank's efforts to empower the people of Pakistan through provision of innovative and efficient financial services for bolstering economic and social opportunities.
The SBP has issued 11
branchless banking and three Payment Service Providers licenses to various players.
Pakistan has adopted the bank-led model for
branchless banking operations, whereby banks and microfinance banks are required to obtain approval from SBP to offer basic
branchless banking facilities through the agent network, said SBP chief spokesman Abid Qamar.
Total number of
branchless banking transactions touched 164.7 million worth Rs726.4 billion were carried out in the above-mentioned quarter.
Sachak, Managing Director and Chief Executive - EFU Life, said 'I am delighted to further strengthen our partnership with JS Bank by distributing paperless Life Insurance products to the J Cash
Branchless Banking customers.
The State Bank report said that mobile wallets or
branchless banking accounts in the country reached 23.69 million at the end of March 2017.
According to this Framework, the Board of Directors of banks would be responsible for providing the strategic direction and an oversight of
branchless banking agent acquisition and management while senior management will institute necessary internal controls and ensure adherence to applicable laws and regulations.
The collaboration with Mobicash is a giant step towards adding a portfolio of
branchless banking services in to our e-Sahulat platform.
This study is aimed at examining the factors that affect the service quality of
Branchless Banking in a mega city of Pakistan known as Lahore.