Easypaisa, Omni and now Bank Telco, a branchless banking service, has been made operational by Zong and Askari Bank Limited for millions of people living in rural and urban areas of Pakistan. The service is powered by Inov8 which is one of the leading technology companies in Pakistan and one of the first to provide mobile commerce service in the country.
The pilot launch of the services has been carried out from May 22 by Zong and Askari bank. Accordingly the Bank Telco offer conventional banking services currently salary disbursement for large-scale organizations and account to account transfer through mobile channel.
Pakistan has become the role model country for the world in developing and promoting mobile and branchless banking services as the country’s biggest population is adopting money transaction services through emerging banking system.
The banking industry is going to merge into branchless banking with launch of services by different banks and telecom operators in this particular mode of services.
Telenor is the pioneer of branchless banking in the country. It acquired Tameer Microfinance Bank to launch its service Easypaisa. United Bank Limited (UBL) also gained grip in the market and became a popular services of money transfer and utility bills.
Recently, MCB with Nokia, Allied Bank independently and Mobilink through Waseela Microfinance Bank have launched mobile banking services on different models.
Besides, Ufone with Rozgar Microfinance Bank, TCS independently and Bank Alfalah with Warid are also working to launch their services in future.
It’s is a big challenge for Bank Telco to attract a big population of customers who are already using branchless banking through different services, on the other hand, the untapped market is still open for the brand to attract the customers towards service of new utility.
The financial and technical strength of China Mobile Communication Corporation, the ZONG’s parent company, coupled with the muscle of one of the leading commercial banks of the country, guarantees that the branches banking solution brought forth with, will be an unmatched service offering and will receive an overwhelming response across the country in the least possible time.
“To be the Bank of First Choice” among customers is our vision for using branchless banking in the country, said President Askari Bank Ltd, Mr. M.R. Mehkari on the occasion of the pilot launch.
The demands continuous strive for creation of best and innovative financial products, services & business opportunities for our valued customers. At the same time it is our duty to maintain our core values so as to meet our obligations towards all the stakeholders in the most befitting manner.
He said that over 80% of the population has no access to banking facilities. Branchless banking is the tool to cater to the banking needs of this vast unbanked community, courtesy the mobile phone networking which has penetrated to almost 60% of the population of the country.
Speaking on the occasion, the CEO of Zong Fan Yunjun said “Our world is changing very fast and we intend to continue being at the forefront of this change. He said that partnering with one of the most reputable bank of the country i.e. Askari Bank Ltd is an opportunity for Zong to emphasis on its endeavors to provide best networking solutions to the people of Pakistan to enhance the comfort and quality of life through this new product the Branchless Banking Services of Askari Bank Ltd. He assured that the joint venture will be a great success.