SBP de­vel­ops mech­a­nism to mon­i­tor branch­less bank­ing trans­ac­tions

The Pak Banker - - FRONT PAGE -

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. -

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