Mobile banking accounts hit 1.8m mark

Number of users grow 25% in July-September quarter.

KARACHI: Mobile banking accounts have jumped to 1.8 million, recording an impressive growth of 25% in the July-September quarter of 2012, according to the Branchless Banking Newsletter released by the State Bank of Pakistan (SBP) on Wednesday.

During the quarter, branchless banking customers conducted almost 31.5 million transactions worth Rs139 billion. The average size of each transaction was Rs4,420 while the average number of transaction per day stood at 349,000.

The accounts’ activity level also improved considerably during the quarter on the back of a significant growth of 84% in Level ‘0’ accounts and 7% in Level ‘1’ accounts. These accounts are opened at the agents’ location largely by those who have traditionally been excluded from the banking services.

The network of agents reached 31,637 on September 30 from 29,525 on June 30, an increase of 7%.

Bill payments and mobile top-ups remained the dominating activity during the July-September quarter with a 45% share, followed by person-to-person fund transfers with a share of 38%.

The State Bank says branchless banking service providers are trying to increase their linkages with microfinance institutions.

According to the newsletter, the growth expectation in coming quarters is fairly high as the existing two branchless banking players are increasing their scale of operations and two more banks have launched their branchless banking services.

Published in The Express Tribune, December 27^th, 2012.          

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