Branchless banking in Pakistan shows 51% quarter growth
17,448 branchless banking agents throughout the country made 15.867 million transactions.
The branchless banking in Pakistan has showcased a 51 per cent quarter over quarter growth rate in the first quarter of fiscal year 2012 in the total number of branchless banking account holders across the country, stats issued by the State Bank of Pakistan revealed.
According to the stats the number of branchless bank account holders reached the mark of 357,598 in September 2011 which showed a 51% growth compared to the number which was 236,464 in June 2011.
It further revealed that 17,448 branchless banking agents throughout the country made 15.867 million transactions in just one quarter, which ended on September 30 in the running year.
These transactions from July to September 2011 were averaged at Rs. 3,700 per transfer, with a total of 176,296 transactions per day, while the value of transactions totaled Rs58.711 billion.
In a survey carried out by the SBP, it was found that almost half of branchless banking users did not have a bank account and almost two-thirds of them used the service regularly. The results underline the demand for efficient, low cost and accessible financial services.
A version of this post originally appeared on ProPakistani.
Correction: An earlier version of this story incorrectly mentioned the quarter ended date as September 31. The error is regretted.
According to the stats the number of branchless bank account holders reached the mark of 357,598 in September 2011 which showed a 51% growth compared to the number which was 236,464 in June 2011.
It further revealed that 17,448 branchless banking agents throughout the country made 15.867 million transactions in just one quarter, which ended on September 30 in the running year.
These transactions from July to September 2011 were averaged at Rs. 3,700 per transfer, with a total of 176,296 transactions per day, while the value of transactions totaled Rs58.711 billion.
In a survey carried out by the SBP, it was found that almost half of branchless banking users did not have a bank account and almost two-thirds of them used the service regularly. The results underline the demand for efficient, low cost and accessible financial services.
A version of this post originally appeared on ProPakistani.
Correction: An earlier version of this story incorrectly mentioned the quarter ended date as September 31. The error is regretted.