Yaseen Anwar, Deputy Governor, State Bank of Pakistan, has said that SBP is closely monitoring the performance and activities of branchless banking, as it has high risk factor. While talking with newsmen at the signing ceremony between Tameer Microfinance Bank Limited (TMBL) and Asasah here on Wednesday he said that with strict regulation and monitoring of SBP the branchless banking is safely growing, and currently there is not threat to this segment of banking industry.
About the benefits of branchless banking, he said that the use of mobile financial services such as 'easypaisa' by microfinance institutions, the SBP will allow them to serve their clients in a cost-effective and transparent manner. The State Bank of Pakistan is pleased to see branchless banking solutions being used to strengthen the microfinance industry, he added.
Nadeem Hussain, President and CEO of Tameer Microfinance Bank Limited, said that as part of Tameer's strategy to offer mobile financial services, "we are excited to be able to offer a solution to Asasah". "We hope this partnership will go a long way in introducing to other organisations the benefits of using 'easypaisa', a service being offered jointly by Tameer and Telenor Pakistan", he added.
"Microfinancing through mobile financial services has seen great success in other parts of the world and we are keen to replicate this in Pakistan, too," he said. "TMBL is a fast growing microfinance bank, licensed by State Bank in August 2005, and it is the first bank to have approval to conduct branchless banking business in Pakistan", he added.
Tabinda Jaferry, CEO of Asasah, said that with the agreement with TMBL, Asasah clients, "who are all women, will benefit by being able to obtain a loan easily and to repay it conveniently through 'easypaisa', saving them both time and money such as that spent on unnecessary travel".
According to the agreement, TMBL will provide cash management services to microfinance institution Asasah. It will provide delivery facilities for loan disbursements and repayments. With this agreement Asasah clients will be able to receive disbursed loans at any of Tameer's network of 100 branch banking outlets, as well as at any 1Link ATM in the country, and repay the loans via easypaisa's branchless banking solution.
A formal agreement to this effect was signed at Tameer's head office between Nadeem Hussain, President & CEO Tameer Microfinance Bank Limited, and Tabinda Jaferry, CEO Asasah in the presence of Yaseen Anwar, Deputy Governor, State Bank of Pakistan.