‘Branchless banking to have positive impact on GDP’

Staff Reporter

Islamabad—Chairman, Pakistan Telecommunications Authority (PTA), Dr. Syed Ismail Shah on Tuesday said branchless banking, being a modern facility, would have positive impact on Gross Domestic Product (GDP) growth and lives of people as well. The consumers would have the most attractive benefits of keeping bank account in their pocket with advantages like low cost and fast transfers, he said this while addressing a workshop on Mobile Money held here in collaboration with Global System for Mobile Association (GSMA).
The objectives of this workshop was to bring global and local insights from branchless banking industry. Member (Finance) PTA, Tariq Sultan, Member (Compliance & Enforcement) Abdul Samad, senior officials of commercial banks, representatives from State Bank of Pakistan (SBP) and officials from telecom sector attended the workshop. He said the growth in mobile phone sector was creating striking opportunities for service providers and consumers to utilize mobile networks for carrying out various daily life tasks such as financial transactions.
The Chairman said Pakistan has now moved in era of broadband and added by end of February 2016, there are 29.8 million broadband users that makes broadband tele-density 15 % and it has great potential for broadband proliferation. Dr. Ismail said Pakistan was fast moving towards mobile money which facilitates not only urban class but also rural population. He said mobile banking is a value addition and has utmost consumer convenience wherein users can avail banking facilities through mobile communication, adding that advancements in telecom technologies have positively affected other sectors and innovative products have been introduced.

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