Branchless
banking can be defined as a strategy in
financially including the unbanked, low income masses. Or in other
words, it is the strategy with which financial services are provided as
well as expanded through the growth of technology. Branchless banking eases the
clients to use banking services regularly without even physically visiting the
bank branch. The common bank going reasonsof technology.
Branchless banking eases the clients to use banking services regularly without
even physically visiting the bank branch. The common bank going reasons such
as,
·
Transactions
·
Cash withdrawals
·
Deposit
·
Paying utilities
·
Transfers
·
Balance queries
·
Insurance purchase
·
Investments
Pakistan has become one of
the fastest developing markets for branchless banking in the world. One can
never imagine a developing country like Pakistan treading in this path,
but it actually is, from easy accessing to providing banking facilities to the
inclusion of the poor in the financial banking activities, 90% of the total
banking branches are availing the real time online mobile banking services
in the countr
This
advantageous strategy is not only benefitting the urban population but
also it has reduced greater number of problems faced by the people living in rural
areas. The people used to rely on informal services that were too expensive
for them and had no guaranteed security of funds. With the various branchless
banking services like Telenor’s ‘Easypaisa’with United Bank
Limited with their ‘Omni’, Zong with Askari Bank launched ‘Timepey’,
and Mobilink with Waseela Bank the access to financial services in
widened and Both the Urban and Rural population are being facilitated enormously.
Furthermore branchless banking services by Ufone with Rozegar
Microfinance Bank and Warid with Al-Falah Bank will be launched in this
financial year.
The financial landscape of
Pakistan is drastically evolving in the most blissful manner, with efforts of
branchless banking leading the telecommunication market by virtue
of excellent network, fulfilling services and catering to the unbanked
population with the business intelligence.
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