SBP develops mechanism to monitor branchless banking transactions
KARACHI: Ashraf Wathra, Governor State Bank of Pakistan (SBP) said the central bank is working to roll out a mechanism to monitor transactions through branchless banking across the country. In this connection, data of agents, senders and receivers will be updated through a centralized system which was based on comprehensive and easy software. He said this while talking to media on the sideline of 9th International Mobile Commerce Conference 2016.
He said the new system, Agentchex, will stop illegal use of the branchless banking services across the country hence the recorder keeping of the transactions will be made possible, he added. There are more than 300,000 agents in the country working with nine branchless banking companies. He said the central bank is in the final stages towards the interoperability of branchless banking which will help services providing companies to connect each other to work on a united platform. The development and innovation in mobile banking and branchless banking will lead towards documentation of the economy. In one quarter of a calendar year, there are more than 100 million transactions are made across the country valuing more than Rs 100 billion, he concluded.
Irfan Siddiqui, President & CEO, Meezan Bank, announced to roll-out mobile wallet products very soon. "Commercial banks would become history like investment banks in recent past," Jeffrey Hedberg, CEO, Mobilink, said the government polices helped growing the economy through digital devices. He said the security was improving on daily basis and helped return of stability on macro economy in the country. "Such enabling environment may attract more investment in the digital sector," he said. Hasnain A. Sheikh, Chairman & CEO, Inov8, said hectic use of social websites like facebook, instagram and whatsapp was defining consumers behavior and help developing products in demand. "Some 77 percent people having smartphones do frequently use the social websites," he said. Atif Bajwa, President & CEO, Bank Alfalah, said urged banks and telecom companies to work together for fast growth in their respective sectors. "Last year was a good year for industry growth," he said. -