Branchless banking: SBP stresses to bridge gap in market

"Banks and mobile networks have to assign a strategic priority to branchless banking,” says Governor SBP.


December 19, 2012

KARACHI: The Governor of the State Bank of Pakistan (SBP) Yaseen Anwar stressed upon the banks and mobile network operators (MNOs) to promote branchless banking for the benefit of the unbanked and underserved people of the country. “If the banks and mobile network operators want to succeed, they have to assign a strategic priority to branchless banking,” he said while inaugurating a one-day workshop on ‘Future of Branchless Banking, Payment Systems and Financial Inclusion’. Anwar said that the central bank has taken several policy and developmental initiatives to promote financial inclusion in the country. “Today, our regulatory environment for microfinance and branchless banking is considered one of the best globally,” he added. He said that mobile phone subscribers had touched 120 million, while banking accounts stood at 32 million whereas the number of borrowers was only 5.7 million which indicates a gap in the market waiting to be tapped.

Published in The Express Tribune, December 20th, 2012.

 

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