According to the State Bank of Pakistan (SBP), its branchless banking transactions witnessed a convincing escalation of 29 percent during the quarter from July-September 2013. On the other hand the Branchless Banking accounts also jumped up by 12 percent to reach an amount of 2.96 million BB accounts operating across the country.
According to the Branchless Banking newsletter published by the SBP, the transactions in the quarter July-September, 2013 were valued at 51.9 billion which helped the total to reach to a value of Rs.224 billion. This value of 51.9 billion was 16pc higher than that recorded in the previous quarter.
This growth was a result of transaction made by an un-banked segment of the population. Examples of these transactions include for domestic remittances, social welfare payments, pension payments, and utility bill payments. Due to this growth these services of branchless banking are now being extended to different channels such as ATMs, mobile phones, etc. The swift and encouraging policy of the SBP has led other banks to develop in this field and currently there are eight players who are becoming competitive day by day.