Zong likely to launch its branchless banking services this month


Karachi: Zong is likely to launch its branchless banking services with Askari Bank Limited this month as soon as it gets approval from the banking regulator, State Bank of Pakistan, official told The News Tribe.

Zong and Askari Bank have made soft launch of their branchless service in May in order to streamline the system at the end of two companies.

The model of the services are reported to be same as Easypaisa of Telenor however it will be launched jointly by the two companies on the basis of partnership unlike any acquisition in the shares of bank in the case of Telenor and Tameer Microfinance Bank.

Zong will manage the communiction part whereas the finance will be dealt by Askari Bank Ltd simply. The services will be offered included money transfer, payments of utility bills and different services.

The branchless banking witnessed tremendous growth in Pakistan over a period of couple of years as many banks and telecos are interested to roll out their services to tap the unbanked population.

Easypaisa is the pioneer service of branchless banking sector whereas Omni has grapped handsome share of the market.

Recently, Waseela Microfinance Bank has made its launch whereas the Ufone and Warid are working to introduce branchless and mobile banking services in future.