ISLAMABAD – The branch-less banking concept in Pakistan has been widely accepted as within few years of its launch in Pakistan the total bank accounts under this umbrella category mounted to 4.7 million.
The revelation came on Monday where Governor State Bank Ashraf Wathra and Federal Finance Minister Ishaq Dar was also present as guest speakers.
Governor State Bank of Pakistan Aslam Wathra said in his welcome address that branchless banking is encouraged to serve the rural and under-developed areas of the country. He also said that Pakistan is one of the largest branchless banking markets in the world and has 4.7 million accounts.
He said a special programme has also been initiated to raise awareness amongst people about the benefits of electronic and mobile banking.
Finance Minister Ishaq Dar said a draft law is being prepared to subvert cyber-crimes and terrorist financing, according to a report published on Radio Pakistan.
According to Dar, the draft will be presented in Parliament for legislation soon. The finance minister also said the use of digital financial channels such as electronic and mobile banking reduces the chances of fraud and theft, and highlighted the significance of branchless banking for the economy.
He added that promotion of digital banking will improve Pakistan’s remittances, which saw a 15.21 per cent increase during the first four months of the current financial year.
Dar added that the country’s branchless banking is recognised all across the world, and there is a need to make more efforts that will move this form of banking to far flung areas of Pakistan through latest technologies.
He further added that the government is focusing on its economic reforms agenda and aims to achieve a high Gross Domestic Profit (GDP) growth rate.