The fast growing branchless banking sector of the country even got attention from international researchers.
In another strong sign that branchless banking is gaining momentum in Pakistan, Zong and Askari Bank – the latest entrant to join this bandwagon – have partnered to launch a complete branchless banking solution.
The State Bank of Pakistan (SBP), according to sources in Zong, issued branchless banking licence to Zong and Askari Bank last Friday after auditing their pilot project, launched in May this year.
This is the second branchless banking license issued by the SBP this month – the central bank had awarded a mobile financial services licence to Mobilink’s sister concern Waseela Bank.
The product, according to Zong officials, will soon be launched commercially. The branchless banking portfolio includes services like mobile account, money transfers, utility bill payment among others, Zong said in a press statement. Additionally, Zong is going to offer services like salary disbursement, it added.
This will be first of its kind collaboration where a telecom operator and a commercial bank will provide branchless banking services under a relationship where none of the parties has any shares or controlling interest in each other, – the revenue will be shared between the partners.
“Branchless banking is only the beginning of a new banking revolution in the country, we are launching our new branchless banking services to foster financial inclusion of the unbanked population in Pakistan,
Tags: money transfer, inov8, bashir sheikh, timepey, mobile commerce, askari bank, mcommerce consulting, remittance, utility bill payment, ecommerce, branchless banking, mcommerce, hasnain sheikh, china mobile, remittances, mobile banking, mobile payments, mobile financial services, zong