The State Bank of Pakistan (SBP), the central banking authority of the country, recently released data indicating the number of mobile bank accounts in Pakistan increased 25 percent to 1.8 million during the three months ending September 30, 2012. Mobile banking customers reportedly completed approximately 31.5 million transactions worth a total of PKR 139 billion (USD 1.4 billion) during this time, resulting in an average transaction size of PKR 4,420 (USD 45) [1]. According to Pakistani newspaper The Nation, Loan repayments totaling PKR 646 million (USD 6.6 million) were collected by branchless banking agents during this period [2].
By Brendan Millan, Research Associate
About the State bank of Pakistan: Established in 1948, the State Bank of Pakistan (SBP) is the central bank of the nation of Pakistan. Its primary functions include “issue of notes, regulation and supervision of the financial system, bankers’ bank, lender of the last resort, banker to Government, and conduct of monetary policy.” Its secondary functions include “management of public debt, management of foreign exchange, and other functions like advising the government on policy matters.”
Sources and Additional Resources:
[1] State Bank of Pakistan: “Branchless Banking Newsletter”, http://www.sbp.org.pk/publications/acd/BranchlessBanking-Jul-Sep-2012.pdf
[2] The Nation: “Mobile Accounts Grow by 25pc to 1.8m in July-Sept”, http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/27-Dec-2012/mobile-accounts-grow-by-25pc-to-1-8m-in-july-sept
MicroCapital.org story, December 3, 2012, “Waseela, Mobilink Partner to Offer Branchless Banking in Pakistan”, https://www.microcapital.org/microcapital-brief-waseela-mobilink-partner-to-offer-branchless-banking-in-pakistan/
MicroCapital.org story, May 6, 2012, “In Islamabad, Pakistan, Orascom’s Waseela Microfinance Bank Limited (WMBL) Opens First Branch”, https://www.microcapital.org/microcapital-brief-in-islamabad-pakistan-orascoms-waseela-microfinance-bank-limited-wmbl-opens-first-branch/
MicroCapital Universe Profile: State Bank of Pakistan (SBP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=State+Bank+of+Pakistan
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
- MICROCAPITAL BRIEF: Banco de Credito del Peru (BCP) Launches iO Banking App with Support from i2C
- MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
- MICROFINANCE EVENT: Microfinance Technology Summit; March 28-29, 2023; Kigali, Rwanda