Mobile-Banking Achieving Financial Inclusion | InfoZonePK

Pakistan Mobile Banking  is achieving its promise of financial inclusion in the economy as customers in large numbers have opened their accounts branch less banking system.

more than, 929,000 mobile accounts have so far been registered with majority in level 1 accounts (92%) followed by level 2 95%) and level 3 (2%). Seemingly, this is a good achievement in a brief period, however, this is much behind the potential. A major limitation in registration of new accounts is that Easypaisa which leads the account opening market is currently registering only Telenor SIM-holder. other reasons include is sues relating agents liquidity, single-channel payment infrastructure, and pricing sensitivity. These factors have also led to accounts dormancy which is as high as 50% at this early stage.

By the end of December 2011, more than 929,000 customers have been registered as m-wallet users. the volume and values of transactions have increased by 30% and 35% respectively during the quarter. more over, 3,11 new agents were added in the ambit of branch less banking to provide branch less banking services, thus expanding the total network to 22,512 agents.

The growth is entirely attributable to two branch less banking models Easypaisa by Tameer MFB and UBL Omni by United Bank Limited.