PESHAWAR: The State Bank of Pakistan (SBP) will launch a new “Easy Mobile Account” facility today on Monday, December 13, to promote ‘branchless’ Banking in the country.
The SBP said that project has been developed under the National Financial Inclusion Strategy to enable customers to open and operate their accounts without visiting bank branches.
It will be a joint venture of the SBP, Pakistan Telecommunications Authority (PTA), National Database and Registration Authority (NADRA), 13 branchless banking providers, cellular phone operatorsand virtual remittance gateways.
The SBP said in a statement that branchless banking providers and cellular phone operators are working together to provide an interactive platform for easy mobile accounts so that anyone can open a Pakistani bank account.
“Easy mobile accounts will play a key role in reaching low-income groups who do not have access to the Internet,” said that statement, adding that a simple mobile account will also facilitate female in opening easy accounts.
Apart from the traditional banking system in Pakistan, four telecom companies in Pakistan are already offering mobile banking, known as ‘branchless’ banking. The SBP has recently said that branchless bank accounts have exceeded 50 million in the country. Branchless banking provides easy money transfer and other online shopping facility in remote areas of the country.