Bank of Punjab has been working aggressively towards its roll out of branchless banking in the country as its management has taken on board two companies–Wateen and Zong– for operations to be carried out through internet and telecom network.
Sources in the bank said the management has signed a contract with Wateen and Zong recently in order to set up infrastructure of branchless and mobile banking to its targeted market.
The banking company has already started work with Innvo8 as a solution provider for branchless banking service. The two new partners will provide all technical and backup support to Innvo8 for infrastructure and network of Bank of Punjab branchless banking.
Accordingly, Wateen will provide connectivity to the branches and database to the bank on the behalf of Innvo8. Zong, the cellular phone operator, will establish telephony connectivity to the network of agents and bank’s branches for the purpose of transactions of money under various services to be provided by bank.
The management of the bank has worked on mandatory operations to go on soft launch of the branchless banking that will be allowed by the State Bank of Pakistan (SBP) after detail review of all arrangements and issuance of license to the banking companies.
Bank of Punjab’s branchless banking will be targeted to small cities and villages of Punjab particularly and different provinces generally later on.
The service aims at providing access to lower income groups and masses need of money transactions swiftly. There are currently eight branchless banking operating in Pakistan whereas four branchless banking will be given license to start work on soft launch of branchless banking services in the respective regions.