KARACHI: The use of information technology and mobile phones will enhance the financial system’s accessibility in the country, said a top official of the central bank on Thursday.
Addressing the 8th International e-Banking conference and exhibition, Deputy Governor State Bank of Pakistan (SBP) Muhammad Kamran Shahzad said that the financial sector in Pakistan faces dynamic changes due to the increase in the uptake of technology solutions.
The transition can be witnessed through recent e-banking data during the quarter of October-December 2009 with the transitional volume of 46.4 million e-payments, valuing Rs4.1 trillion, said Shahzad.
“There are over 90 million mobile phone users in the country as compared to 26 million bank accountholders,” he said. “There is a huge potential for mobile banking in the country.”
The central bank has provided necessary regulatory environment, which promotes experimentation and uptake of branchless banking in the country, he said.
Referring to three branchless banking models operating in the country, Shahzad said the Tameer Microfinance Bank and Telenor Pakistan are facilitating the customers in several types of financial transactions, whereas the UBL’s branchless banking is providing financial assistance to the internally displaced persons.
Earlier, in her address of welcome, Jehan Ara, President, Pakistan Software Houses Association, said that the local IT industry has witnessed remarkable growth during the last few years.
Pakistani IT firms are engaged in providing solutions to local, as well as international markets, she said.
The banking system and should join hands to enhance their reach among the masses.
In his presentation, Nader Kashgari, Area Sales Manager, Gieseck and Devrient, highlighted the issues of optimising the cash cycle.
At present, people are afraid of using electronic payments, he said, adding that cash payment has witnessed a growth of 2.5-3 per cent globally. Using banking automation in effective way would increase the customers’ confidence, he said.
Source: The News
Date:4/23/2010
