Khushhalibank announces branchless banking initiative
SBI has received a $1.19 million funding extension from the Bill & Melinda Gates Foundation to support this partnership initiative with Khushhalibank, said a statement here on Friday.
This initiative is an extension of the South Asia Micro Savings Initiative (SAMI) which was implemented by SBI with partners across South Asia, with support from the Bill & Melinda Gates Foundation.
Since the initiation of SAMI in 2009, KB has been able to develop and offer deposit accounts to approximately 350,000 un-served and low-income clients in Pakistan.
Through this extension, KB will continue its mission under SAMI to expand access to savings for low-income populations. The second phase of this project will allow KB to offer its banking products through branchless banking channels, allowing it to expand penetration to the under banked and deepen access to financial services. By linking in with a leading existing digital payment platform, KB will allow low-income customers to access not only savings, but also credit and other financial services over the platform, displacing cash over time and allowing customers to better manage their economic lives.
Ghalib Nishtar, President Khushhalibank, said in the statement “Despite having banks, branches, ATMs and more, Pakistan has not been able to reach its full potential, which is where the gap lies in terms of the new frontiers of financial services”.
He said the market is there and we are thrilled that KB and SBI can work together during this time of global change to move toward our shared goal of implementing technology-driven services to expand financial access to the under banked.