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
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.