Branchless banking is moving at a fast pace in Pakistan. According to the recent statistics reported by the State Bank of Pakistan (SBP), deposits in the branchless banking accounts have increased by 95% from the previous quarter.
As per the SBP’s data, these deposits amounted to Rs. 15.4 billion whereas the number of transactions in April-June went up by 18.9% on a quarter-to-quarter basis to 167 million.
The transaction value, on the other hand, saw a 32.3% increase and was registered at Rs746.5 billion during the same period.
The average size of the transactions grew by 11.2% to Rs. 4,466 and the average number of daily transactions went up by 19% to Rs. 1.8 million.
At the end of June 2017, there were 1.3 million active branchless banking accounts which were 16.6% more than that reported at the end of March.
The report also showed that among various services, Easypaisa, JazzCash and UBL Omni are the major players in the Pakistani branchless banking sector in terms of active accounts.