Soon Pakistanis will be able to collect Home Remittance via Mobile Banking in Pakistan. The State Bank of Pakistan (SBP) has issued orders for the companies providing branchless banking to introduce this system to facilitate the citizens of the country.
Branchless Banking Home Remittance Account will enable the people to collect the money from the nearest agent instead of looking for a money exchanger or any bank.
The new mobile wallets scheme will be offered by all licensed branchless banking providers including banks and telecom companies.
Pakistan is a country where around 23 percent of the adult population has access to formal financial services
In this situation, people are turning to mobile wallets to fulfill their banking needs.
There are more than 140 million mobile phone users in the country but only 46 million people own a bank account, which shows the large potential of mobile wallets and branchless banking in the country.
The special Home Remittance account will facilitate the users with deposit, withdrawal, and transfer of money according to the prescribed limit.
SBP has given one month to the branchless banking providers to get their system ready owing to the new facility and make preparations to protect the rights of the users who will avail this opportunity in the future.
This new incentive will be provided via public and private partnership between the Government of Pakistan (GOP) and the branchless banking providers across the country.