Branchless banking: Huge growth during last quarter of FY12

In fourth quarter of fiscal year 2011-12 (FY12) the number of mobile banking accounts touched 1.45 million.

KARACHI: Branchless banking witnessed impressive growth during the fourth quarter of fiscal year 2011-12 (FY12). In the period, the number of mobile banking accounts touched 1.45 million – depicting  growth of 37% – says a State Bank of Pakistan (SBP) release issued here on Tuesday. According to SBP’s ‘Branchless Banking Newsletter’, accounts’ activity level has also improved considerably during the quarter under review, as the number of active accounts increased by 66%. Over 28 million transactions worth Rs115.3 billion were processed during the quarter, the release said. The number and value of transactions also grew during the quarter by 12% and 36% respectively. The growth in value of transactions is almost three times more than the growth in number of transactions, the release added.

Published in The Express Tribune, September 12^th, 2012.