Branchless banking in Pakistan could boost GDP growth

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Branchless banking in PakistanPTA Chairman Dr Syed Ismail Shah said that the branchless banking in Pakistan would have a positive impact on GDP growth and on people’s life.

Global System for Mobile Association (GSMA) held a workshop ‘Mobile Money’ where PTA Chairman was addressing and he said that the branchless banking will change lives of simple people, they will have their bank accounts in their pockets, along with the benefits of fast transfers and low cost as well. The workshop was targeted to bring global and local insights from the branchless banking industry.

PTA chairman said that we have 29.8 million broadband users now, we have entered in the era of innovation, broadband tele density has increased to 15% with a potential for proliferation. Pakistan’s fast paced adaption towards mobile money that is facilitating both urban and rural population, it as a valuable addition and consumer convenience where users can avail facilities as well via mobile communications.

He also informed that PTA and SBP were working on the regulations to be set for mobile banking with the target to continue the mutual coordination to set up fair and non-discriminatory regulatory framework for mobile banking service providers. PTA will always be encouraging and supportive to such initiatives for future developments of ICTs.

With highlighting the challenges and opportunities to digitize payments, certain case studies from different countries like Tanzania, Kenya, Philippines and India, including Pakistan were also discussed in the workshop.

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