HBL Gets SBP Approvals for Commercial Launch of Branchless Banking in Pakistan

HBL-logoHabib Bank Limited last night got the branchless banking license for the commercial launch of its operations across Pakistan, we have confirmed with sources.

After this approval from State Bank of Pakistan, according to our sources, HBL is likely to commercially launch the service with-in two weeks.

State Bank of Pakistan granted license of HBL after it successfully carried out mobile financial services during its pilot duration. HBL had soft launched the service, as a pilot, in September last year.

Sources tell ProPakistani that Habib Bank will launch branchless banking with local remittances and utility bill payments initially, while wallets accounts, government to persons transaction, tax collection, loan payments, insurance and more services will be added to the portfolio in coming months.

While we don’t have exact details of the service charges for HBL branchless banking but it is said that charges will be competitive.

Habib Bank will launch branchless banking with hubs and franchises across Pakistan. These hubs will control franchises and outlets in the regions.

Habib Bank will become second bank lead branchless banking solution after UBL’s omni and fifth branchless banking service provider in the country.

Habib Bank’s mobile financial services are built on technology provided by Sybase 365 while the deployment was administered by Abacus Consulting.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK