In a landmark achievement, Branchless Banking (BB) transactions have surged past the 1 billion mark for the first time in a single quarter, according to recent data released by the State Bank of Pakistan (SBP) for the second quarter of fiscal year 2024.
The State Bank of Pakistan (SBP) has announced that Branchless Banking (BB) transactions have surpassed 1 billion for the first time ever in a single quarter, marking a significant milestone in the financial landscape of Pakistan. The data, covering the second quarter of fiscal year 2024, underscores the growing popularity and adoption of digital financial services in the country.
According to the breakdown provided by the central bank, bill payments and mobile top-ups constitute 22% of these transactions, while fund transfers make up an impressive 43% of the total BB transactions. Customer-oriented transactions accounted for the majority, reaching 1.08 billion, with agent-related transactions making up the remaining 4 million, primarily for liquidity purposes.
Provincially, Punjab (including ISB) leads the tally with 66% of the transactions, followed by Sindh with 18% and Khyber Pakhtunkhwa with 12%, indicating a widespread adoption of branchless banking services across different regions of the country.
The central bank also provided insights into the gender distribution of BB accounts, revealing that males hold the majority share at 69.4%, while females account for 30.6% out of the total 114.64 million BB accounts in the second quarter of fiscal year 2024.
Furthermore, the average deposit in accounts for the quarter stood at Rs1,007, compared to Rs991 in the previous quarter, reflecting a steady increase. The value of transactions has also seen a notable uptick during this period, reaching Rs5.06 billion, reflecting a quarterly growth of approximately 12.45%.
Moreover, the number of active accounts has experienced a slight uptick of 1.93% to 64.12 million during the review quarter, indicating a sustained momentum in the adoption and usage of branchless banking services by the populace.
The surge in BB transactions not only signifies the growing reliance on digital financial services but also highlights the role of technology in fostering financial inclusion and accessibility for the masses, ultimately contributing to the broader economic development of Pakistan.
