karachi -

Branchless banking in the country continues to grow substantially and number of BB accounts has reached 2.1m during October–Dec, 2012 quarter, registering an impressive growth of 20 per cent.

According to SBP’s latest Branchless Banking Newsletter, this growth is mainly attributed to 49pc growth in level 0 accounts. Level 3 accounts also registered significant growth of 37pc during the quarter mainly due to entry of two new players, ‘Mobicash’ and ‘Timepey’ while a marginal growth of 2pc was observed in both level 1 and 2 accounts.

Almost 35m transactions worth Rs 151 billion have been processed during the quarter. The average size of transaction was Rs 4,278, while the average number of transaction per day increased to 392,433 from 354,367 during the previous quarter. The fast growing network of BB agents reached 41,567 as of 31st Dec, 2012 from 30,540 as on 30th June, 2012, registering an increase of 36pc. This growth is attributable mainly to the entry of new players. However, this number does not take into account “shared” agents (i.e., an agent serving multiple providers).

Branchless banking deposits have grown by 35 per cent to Rs 1 billion while person to person fund transfers constituted significant share of 33pc in value of total transactions.