'Almost four billion people are unbanked in the world'

Pakistan Telecommunication Communication (PTA) Chairman Dr Mohammad Yaseen on Saturday said on a global scenario, almost 4 billion people are unbanked and more than two-thirds of the unbanked population is in the low and middle-income countries. He was addressing "Branchless Banking Conference," organised by State Bank of Pakistan in collaboration with UK Aid here.
Evidence from countries like Brazil, South Africa, India, and Kenya strongly suggests that there is rapid popularity of these new phenomena we call as branchless banking, he added. He said in response to transparent policy and regulatory apparatus, our telecommunication market has observed liberalisation, greater private sector participation and competition.
Mobile sector is now a sector dominated by private players competing strategically on new technologies, pricing and customer services. He said branchless banking is somewhat an elusive promise of the new fast evolving ICTs that financial service providers have been eagerly embracing. According to the World Bank study, only 12 percent of the adult population of Pakistan has access to formal banking services, he added.