Branchless Banking gaining momentum in Pakistan

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.

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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.

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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.

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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.

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