Karachi: Zong and Askari Bank Ltd has got engaged to launch their mobile banking services in the future after the two companies will receive a go-ahead signal by State Bank of Pakistan subsequently the partnership is inspected and approved.
Zong and Askari Bank have entered into emerging competitive market of mobile and branchless banking where already many telecom operators and banks have launched and are promoting their services rapidly among the masses.
The two companies are likely to start by the end of 2012 Askari Bank Ltd in which Askari and manage banking operations and regulatory issues with SBP whereas Zong will support telecom support to subscribers through their network and sales points.
The model of the mobile banks services have yet to be decided by the two banks, however, it is likely that the two companies will follow branchless model as if Telenor.
Telenor is the pioneer of branchless banking in the country. It acquired Tameer Microfinance Bank to launch its service Easypaisa. United Bank Limited (UBL) also gained grip in the market and became a popular services of money transfer and utility bills.
Recently, MCB with Nokia, Allied Bank independently and Mobilink through Waseela Microfinance Bank have launched mobile banking services on different models.
Besides, Ufone, TCS and Bank Alfalah with Warid are also working to launch their services in future.
Pakistan has become the role model country for the world in developing and promoting mobile and branchless banking services as the country’s biggest population is adopting money transaction services through emerging banking system.
According to last SBP report, the average number of branchless banking transactions per month has increased to 7 million involving Rs. 27 billion. The average size of transaction is Rs. 3,855 (US$ 43) showing that technology is reaching previously un-banked poor.
There are 22,512 agents offering financial services at convenient locations on real-time bases all over the country and almost 86% districts in Pakistan are now covered by Branchless Banking agents.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription