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Branchless banking deposits grow 95pc

Branchless banking deposits grow 95pc

KARACHI: Deposits in branchless banking accounts at the end of June amounted to Rs15.4 billion, up 95 per cent from a quarter go.

According to branchless banking statistics released by the State Bank of Pakistan (SBP) on Thursday, the number of transactions in April-June rose 18.9pc quarter-on-quarter to 167 million. The quarterly increase in the value of transactions in the three-month period was 32.3pc. It amounted to Rs746.5bn in April-June.

The average size of transactions was Rs4,466, up 11.2pc from a quarter ago. The average number of daily transactions went up almost 19pc to 1.8m. The average deposit in branchless banking accounts was Rs565, up almost 70pc from three months ago.

There were 13.1m active branchless banking accounts at the end of June, up 16.6pc from the end of March. Less than half of total branchless banking accounts remained active during the quarter, SBP data showed. Jazzcash, Easypaisa and UBL Omni are the three major players in branchless banking in terms of the number of active accounts.

Published in Dawn, September 8th, 2017

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