To promote mobile banking in Pakistan, State Bank of Pakistan has joined hands with the Pakistan Telecommunication Authority. Both the organizations have signed a Memorandum of Understanding (MoU).
According to this memorandum, PTA and SBP will jointly supervise and monitor the operations of mobile banking services. Operators and AFIs will put in place an effective complaint handling mechanism.
With the growth of broadband in country and technologies like 3G and 4G, the internet has become a part of our lives. More than 30 million people are enjoying the mobile and fixed broadband in Pakistan at present.
Mobile banking is becoming very important in Pakistan and there is a great need to encourage the next generation banking services. The institutions can work together to make the people who are unaware of banking services use the facilities through digital platforms in the next 5 years.
The collaboration of PTA and SBP shall not only provide a level playing field for telcos and financial institutions but also encourage the telcos and banks to join hands together to create a sustainable mobile banking ecosystem.
The objective of this collaboration is to build momentum in order to achieve financial inclusion targets of National Financial Inclusion Strategy that also aims at providing access to 50% of the adult population by 2020.
PTA will issue quality of service benchmarks, from time to time, regarding network availability, resource availability, reliability, priority SMS, message delivery and security standards required for protecting consumer sensitive data and consumer financial data.
The branchless banking is a modern facility for the people of Pakistan, it will bring convince of use to the customers and a positive impact on the GDP growth of the country.
It may be mentioned here that, a joint regulatory committee was formulated between SBP and PTA. Draft Regulations were discussed with the relevant stakeholders. SBP and PTA signed MoU to develop a cohesive regulatory framework that leads towards achieving the common objective of providing the low-cost mobile banking services. The PTA-SBP collaboration will play a key role in achieving the objectives of NFIS and for the future growth of digital financial services and financial inclusion.
The MoU was signed at a local hotel in Islamabad. Minister of State for IT and Telecom Ms. Anusha Rahman Ahmad Khan was the chief guest of this occasion. Mr. Ashraf Mahmood Wathra Governor, State Bank of Pakistan, Chairman PTA, Dr. Syed Ismail Shah, and Jeffrey Hedberg, CEO & President Mobilink witnessed the ceremony. Senior management of the commercial banks, cellular mobile operators and senior officers from PTA and SBP also attended the ceremony.