Pakistan's branchless banking transactions surpass PKR 1 billion in single quarter
In a noteworthy milestone, Pakistan's branchless banking
sector witnessed an impressive quarter, marking the first instance where
transactions surpassed the 1 billion mark.
According to data released by the State Bank of Pakistan
(SBP), 22 percent of these transactions were attributed to bill payments and
mobile top-ups, while an impressive 43 percent were earmarked for fund
transfers.
During the quarter ending on December 31, 2023, Banks and
Microfinance Banks collectively recorded 1,088.3 million branchless banking
transactions, amounting to over Rs 5 billion. This represents a year-on-year
growth of 12 percent in volume and 12.5 percent in value.
State
Bank of Pakistan (SBP) mandates biometric verification for all branchless
banking transactions
Mobile wallet transfers ranked second in transaction value,
totaling Rs 965 billion, followed by transfers from mobile wallets to
customers' banking accounts, amounting to Rs 756 billion.
The average transaction size during this period stood at Rs
4,646, showing an increase compared to the same period last year. The SBP noted
that the average daily transactions surged by 12 percent year-on-year to 12
million, up from 10.8 million in the previous year.
Regionally, Punjab, the most populous province, accounted
for 71 million branchless banking transactions, followed by Sindh with 23.3
million and Khyber Pakhtunkhwa (KP) with 14.7 million.
Mobile
banking users reach 16 million in payment ecosystem advancements
The total number of branchless banking accounts reached
114.6 million during the quarter, with males holding over 79.5 million
accounts, while female-owned accounts totaled 35.1 million.
Source: Pro Pakistani