Branchless Banking sector opens 2.1 million new accounts during Oct-Dec

Branchless Banking

According to a State Bank of Pakistan report, the branchless banking sector has opened 2.1 million new accounts cumulating to 15.3 million accounts in last quarter of 2015.

As compared to the previous quarter, the value of transactions in October-December declined despite the increase in the number of dealings.

According to the quarterly newsletters of the central bank on branchless banking, the average size of the deal in October-December quarter was Rs.4,784. In the previous quarter of July-September, the average size of the transaction was Rs.5,219, which was 8.4 percent higher than the under review quarter.

A downfall of 7.6% has been noticed in the value of Branchless Banking (BB) transactions. The total of these dealings was Rs.486 billion, which was R.526.4 billion in the previous quarter. The number of total transactions was increased by 0.8% from 100.86 million to 101.63 million.

Read More: Branchless Banking: present and future challenges in Pakistan

The Branchless banking has been used for various transactions such as cash deposit, withdrawals, person to person transfer, government to person (G2P) payments, utility bills payments, and mobile top-ups.

How does government use Branchless Banking?

The government is using BB channel for welfare payments, and G2P payments. It disbursed Rs.18.71 billion to 4.71 million beneficiaries during October-December 2015.

The authorities paid Rs15.4 billion to 3.7 million beneficiaries under Benazir Income Support Programme (BISP); Rs2.6 billion to 113,598 receivers under Internally Displaced People (IDP); Rs337 million to 267,454 recipients under World Food program.

 

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