investment funds, mobile network operators, and large domestic Microfinance Institutions (MFIs). This diversity of ownership and approaches depicts confidence in policy consistency and viability of microfinance sector.
With the commencement of business by Waseela Microfinance Bank, sponsored by M/s Orascom / Mobilink), is operating with three large-scale branchless banking in the country. The retail network of banking and microfinance has also risen overwhelmingly through agents and mobile phone channels.
The agent network now exceeds 30,000 and is currently processing almost 10 million transactions each month, and the growth continues apace. It may be pointed out here that the success of branchless banking is only a beginning of a new retail banking revolution in the country.
The SBP has also been working on multiple models to accommodate interest of diverse players. This approach has already facilitated a number of leading banks and telecoms which have now entered or entering in the space of branchless banking.
These developments fuel the expectation that transformational branchless banking (BB) models would prove a gamechanger in improving access to finance in Pakistan.