KARACHI: The State Bank of Pakistan (SBP), in collaboration with the World Bank, has developed a strategy to achieve a many-fold surge in mobile-wallets (m-wallet), to over 50 million, in the next five years, said SBP Governor Ashraf Mahmood Wathra on Thursday.
Addressing the 8th International Mobile Commerce Moot 2015, organised by Total Communications in collaboration with the SBP and Pakistan Telecommunication Authority (PTA), he said the branchless banking (BB) remains an effective channel to expand outreach of unbanked and under-banked people.
At present, around 5m customers hold m-wallets to avail host of services including fund transfer, utility bills payments, domestic remittances, mobile top-ups, loan repayment and saving account features.
“Monthly volume of BB transactions is 24m, valuing Rs125 billion,” he added.
Wathra further informed that four more banks, including Bank of Punjab and JS Bank, have recently joined the BB system.
PTA Chairman Dr Syed Ismail Shah revealed that both the regulators, PTA and SBP, were working in close coordination to develop the regulatory framework that supports growth in the mobile banking sector.
The 3G/4G spectrum has revolutionised the lifestyle in Pakistan and playing an important role in socio- economic development, he said, adding that the mobile broadband subscribers have reached 14m mark, since its launch, from mere 4m.
“It is expanding on an average by 1m new subscribers every month,” Shah said.