Mobicash has crossed the 500,000 monthly active mobile accounts mark up from the 25,000 monthly active mobile accounts in April 2015.
This 20 times increase in active users signifies the strength of the 2.5 million mobile accounts registered by Mobicash. The unprecedented growth over the past 8 months is due to more people being aware of the need for mobile accounts services, said a statement issued by the company.
“Mobile accounts are the future of financial services in Pakistan and Mobicash has played a vital role in its provision to the masses. Our strong 58,000 plus retailer network assists with our aim to improve lives by ensuring subscribers living in localities with limited formal banking services utilize Mobicash to avail the variety of financial services it offers. This milestone is another step towards our objective of bridging the prevalent divide between the banked and unbanked populace of Pakistan.” – Aniqa Afzal Sandhu, Head of Mobile Financial Services, Mobilink
Mobicash gives customers the option to maintain a branchless banking account with their Mobilink number that can be operated through a simple USSD menu.
Cash can be deposited or withdrawn from any of the 58,000+ Mobicash Agents spread across Pakistan. Mobicash Mobile Account allows users the option to transfer funds to other Mobicash Mobile Accounts, other Operator’s Mobile Accounts, other 1-Link/M-NET connected bank accounts or any person’s identity card, while also enabling customers to pay for a variety of services.
Moreover, Mobicash has also launched its ATM Card, which allows users to withdraw funds from their Mobile Account via any ATM of a 1-Link or M-NET connected Bank.
What about other branchless banking players statitcs?
Waseela bank recently signed MOU with Punjab Vocational Training Council to open around 100000 wallets accounts to be opened of trainees after every 6 months.