State Bank of Pakistan has issued branchless banking license to Zong and Askari Bank this Friday, told us an official from Zong.
Zong in collaboration with Askari Bank will be launching a complete branchless banking solution including wide spectrum of services like mobile account, money transfers, utility bill payment etc.
Zong and Askari entered into a pilot project on 22nd May’2012 which went under SPB audit in mid September’2012 and this Friday license to launch a commercial branchless banking portfolio was given.
The product will include all of the branchless banking services that Zong is going to offer, in addition to innovative services like salary disbursements.
This would be first of its kind collaboration where a Telecom Operator and a Commercial Bank would provide Branchless Banking services under a relationship where none of the parties has any shares or controlling interest in each other.
This is the second branchless banking license SPB issued this week. Earlier, Waseela Bank of Mobilink got the approvals for commercial launch of its mobile financial services, and we have heard their solution is live by now.