Branchless Banking accounts grew by 14 per cent during first quarter of Financial Year- 2013
Karachi, August 02, 2013 (PPI-OT): Branchless banking in the country grew by 14 percent during first quarter of FY- 2013 (January – March, 2013) and by the end of the quarter, BB accounts have reached at 2.4 million.
According to SBP’s latest Branchless Banking Newsletter, branchless banking deposits have grown by 32 percent and reached Rs. 1.4 billion. The growth is mainly attributed to level ‘0’ and level ‘3’ accounts which grew by 33% and 56% respectively.
The total volume and value of transactions processed during the quarter has jumped by 16% to 41.1 million and by 13% to Rs.171 billion respectively. This growth in transactions is largely attributable to early BB players (Easy paisa and Omni). The average size of transaction is Rs 4,150 while the average number of daily transactions has increased to 457,000 from 392,433.
The fast growing network of BB agents has reached to 64,716 as of 31st March 2013 from 41,567 as on 31st Dec. 2012 registering an increase of 56 percent. This growth in agents’ network is largely owed to new players (Mobicash and Timepey).
According to the Newsletter, domestic fund transfers through OTC (P2P) remains the dominant category with 59 percent share in value and 36 percent in number of transactions performed by the customers. Growth in m-wallets has been driven by G2P accounts as 75 percent of the total 295,138 accounts registered during the quarter belong to G2P beneficiaries. G2P welfare payments worth of Rs. 5.5 billion have been disbursed through BB channels during the quarter. Moreover, Rs. 346 million have also been disbursed to Employees’ Old-Age Benefit Institution’s pensioners through agents.
The Branchless Banking Newsletter is accessible at: http://www.sbp.org.pk/publications/acd/BranchlessBanking-Jan-Mar-2013.pdf
For more information, contact:
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563