Pakistan State Bank Issues Rules for Mobile Banking Interoperability
Tuesday, May 17, 2016
The State Bank of Pakistan (SBP) and Pakistan Telecommunication Authority (PTA) jointly developed regulations for mobile banking interoperability for banks and mobile network operators to enhance outreach and connectivity.
“Following the issuance of regulatory framework for branchless banking (BB) in June 20, 2011, the market had shown appreciable growth in terms of business volumes, branchless banking accounts and agent network,” the SBP said in a notification on Monday.
“BB regulations permit authorized financial institutions to operate many-to-many model where many banks and many mobile network operators, by joining hands, can offer interoperable financial services to all bankable customers.”
The central bank said these regulations aim to create an enabling regulatory environment, bring systemic harmony and introduce standardization and set benchmarks for mobile/branchless banking interoperability.