Branchless banking in the country continues to grow substantially. The number of these accounts has reached 2.1 million from October-
The growth in branchless banking is mainly attributed to 49 percent growth in level zero accounts. Level 3 accounts also registered significant growth of 37 percent during the quarter mainly due to the entry of two new players, Mobicash and Timepey, while a marginal growth of two percent was observed in both level 1 and 2 accounts.
The SBP said that almost 35 million transactions worth
The fast growing network of branchless banking agents reached 41,567 as of
According to the newsletter, bill payments and top-ups increased by 45 percent ranked top, followed by person-to-person fund transfers, which showed 34 percent rise in growth. Government-to-person fund transfer welfare payments through branchless banking channels have increased from
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