![khushhali bank gears up for branchless banking khushhali bank gears up for branchless banking](https://i1.tribune.com.pk/wp-content/uploads/2012/08/420390-Cellphone-1344650340.jpg)
SBI has received $1.19 million in funding from the Bill & Melinda Gates Foundation to support this partnership. The project is an extension of the South Asia Micro Savings Initiative (SAMI), implemented by SBI with partners across South Asia with support from the Bill & Melinda Gates Foundation.
Since the initiation of the SAMI in 2009, KB has been able to develop and offer deposit accounts to approximately 350,000 underserved and low-income clients in Pakistan.
Through this partnership, KB will continue to expand access to savings for the low-income population. The second phase of the project will allow KB to offer its banking products through branchless banking channels, in order to expand its penetration in under-banked segments.
By linking up with a leading existing digital payments platform, KB will allow low-income customers to access not only savings, but also credit and other financial services; replacing the need for cash over time and allowing customers to manage their economic lives better.
SBI is a US-based consulting and advisory firm, specialising in supporting financial institutions in emerging markets to reach the underserved. It has had a permanent presence in Pakistan since 2005.
Published in The Express Tribune, August 11th, 2012.
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Compliments to KB management, team, on the BranchlessBanking initiative of State Bank. The digital payment platform will certainly help Pakistan, the IMF, FBR, with its objective of serving the unbanked sector for banking. The under ground economy, and the micropayments when transaction will take place for 0.25 liter of milk, and yogurt. The system for payment will support the customer and the merchant. Several technology platform including the NFC and contacless payment from your smart phone is possible by swiping your handset from the teller terminal to make payment of Rs.8 for purchase of milk or yogurt, and yet pay taxes also to FBR. This will change the whole outlook of the country. As the taxes are not paid by smaller merchants. So all the taxes will be deducted in the payment, deducted and transfered automatically to FBR. The 3G, 4G/LTE mobile license will revolutionise our payment system and consumer approach, which is courtesy of the State Bank of Pakistan policies. Lots of research is going in Pakistan on the payment system. God save Pakistan.