Technology incorporation: Setup for safer branchless banking addressed
Dar, other officials highlight use of next generation services.
ISLAMABAD:
Federal Minister for Finance Mohammad Ishaq Dar on Monday said that the draft bill for controlling cyber-crime and terrorism funding is in its final stage and would be presented to parliament for approval in the next couple of months.
“The approval would help boost security for mobile and internet banking and also help in controlling funds for terrorist activities”, he said.
The minister was addressing the International Branchless Banking Conference on Innovations in Digital Finance for Financial Inclusion held by the State Bank of Pakistan in collaboration with UK Department for International Development (DFID).
He said the government was fully supportive of transition from traditional banking system to the digitised system. “Let me assure you that the government would provide full support in financial inclusion”, he said, adding that the launch of 3G and 4G technology was pending for a few years but launch of further latest technology could only be possible if there is a strong commitment from the government.
Dar said concerted effort is needed to drive branchless banking usage through mobile wallet payments, digitised G2P payments, and improved range of digital financial services available for usage via branchless banking.
Earlier, in his welcome address, SBP Governor Ashraf Mahmood Wathra said that having access to simple financial products can have a positive impact on people’s lives.
The governor said due to the bank’s efforts, Pakistan was now one of the largest branchless banking markets in the world.
He said the average monthly transactions have reached 22 million valuing Rs125 billion, whereas the number of branchless banking accounts have significantly grown and cumulatively reached 4.7 million.
Addressing the conference, Pakistan Telecommunication (PTA) Chairman Dr Syed Ismail Shah said that after the successful auction of 3G and 4G services, the authority was striving hard to introduce next generation technology to the masses. The PTA chief added that for the safety and security of its subscribers, a biometric system for activation of SIMs were also developed which would help in promotion of branchless banking.
Published in The Express Tribune, November 18th, 2014.
Federal Minister for Finance Mohammad Ishaq Dar on Monday said that the draft bill for controlling cyber-crime and terrorism funding is in its final stage and would be presented to parliament for approval in the next couple of months.
“The approval would help boost security for mobile and internet banking and also help in controlling funds for terrorist activities”, he said.
The minister was addressing the International Branchless Banking Conference on Innovations in Digital Finance for Financial Inclusion held by the State Bank of Pakistan in collaboration with UK Department for International Development (DFID).
He said the government was fully supportive of transition from traditional banking system to the digitised system. “Let me assure you that the government would provide full support in financial inclusion”, he said, adding that the launch of 3G and 4G technology was pending for a few years but launch of further latest technology could only be possible if there is a strong commitment from the government.
Dar said concerted effort is needed to drive branchless banking usage through mobile wallet payments, digitised G2P payments, and improved range of digital financial services available for usage via branchless banking.
Earlier, in his welcome address, SBP Governor Ashraf Mahmood Wathra said that having access to simple financial products can have a positive impact on people’s lives.
The governor said due to the bank’s efforts, Pakistan was now one of the largest branchless banking markets in the world.
He said the average monthly transactions have reached 22 million valuing Rs125 billion, whereas the number of branchless banking accounts have significantly grown and cumulatively reached 4.7 million.
Addressing the conference, Pakistan Telecommunication (PTA) Chairman Dr Syed Ismail Shah said that after the successful auction of 3G and 4G services, the authority was striving hard to introduce next generation technology to the masses. The PTA chief added that for the safety and security of its subscribers, a biometric system for activation of SIMs were also developed which would help in promotion of branchless banking.
Published in The Express Tribune, November 18th, 2014.