Branchless Banking of Pakistan has seen an Addition of 5.7 million Accounts

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Branchless Banking

Branchless banking has risen to 33 million, an increase of 5.7 million accounts in Quarter from July to September. The productive rise in Branchless Banking (BB) can be attributed to facilitating environment created by the central bank and also, the sheer interest of the financial institution and other players in promoting it and account opening via biometric devices at accessible locations around residential blocks and markets.
Dubai Islamic Bank that is the subsidiary of UAE based sharia-compliant financial institution operating all across the world will start branchless banking by mid of 2018, according to the bank official.
The BB will help DIB in achieving the Pakistan State Banks target to increase market share from existing 14% to 20% by the year 2020. Conventional banks make up the rest of the chunk.
In Pakistan, nine conventional banks and financial institutions are offering branchless banking and they have collaborated with different firms and technologies for mobile phone services.
Junaid Ahmed, Chief Executive officer of DIBP has said that “we will launch our branchless branch from June” and for this purpose, they have signed an agreement with Zing Digital Commerce, a Chinese technology company and also technology partner of Shangai F- Road, China. The company is known to provide technology-based systems to Banks.

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