Contact Info
-
Phone:
03171113200 -
Address:
63 - R1 Phase, 2 Main Blvd, Block R 1 Phase 2 Johar Town, Lahore, Punjab 54000, Pakistan -
City:
Lahore -
Country/Location:
Pakistan -
Website:
mytm.pk
With over 160 live mobile financial services deployments and approximately 80 million registered customers across 72 countries, the global mobile money industry has witnessed remarkable growth. This expansion has sparked both excitement and confusion within the microfinance sector.
Interest has emerged as numerous microfinance institutions recognize the potential of mobile financial services to significantly broaden their reach while minimizing operational costs. Conversely, bewilderment arises as many institutions grapple with how to effectively utilize mobile banking to support growth, given the diverse market conditions and regulatory frameworks they face.
While many are still navigating these challenges, early adopters have forged ahead with various business models, integrating mobile banking into their microfinance operations. Nevertheless, a substantial segment of the unbanked market remains untapped, presenting a significant opportunity for financial inclusion.
In 2008, despite over 160 million people in Pakistan having savings, only about 8 percent had access to formal financial institutions. This disparity highlighted Pakistan as a prime candidate for financial inclusion initiatives. Anticipating this need, mobile operators were poised to take the lead. In March 2008, the State Bank of Pakistan (SBP) issued Branchless Banking Regulations, permitting only established financial institutions to provide services outside traditional bank branches through alternative agent and mobile-based channels. With SBP’s bank-centric approach, it became clear that mobile operators wishing to enter the financial services sector would need to partner with banks to leverage their extensive distribution networks effectively.
Interest has emerged as numerous microfinance institutions recognize the potential of mobile financial services to significantly broaden their reach while minimizing operational costs. Conversely, bewilderment arises as many institutions grapple with how to effectively utilize mobile banking to support growth, given the diverse market conditions and regulatory frameworks they face.
While many are still navigating these challenges, early adopters have forged ahead with various business models, integrating mobile banking into their microfinance operations. Nevertheless, a substantial segment of the unbanked market remains untapped, presenting a significant opportunity for financial inclusion.
In 2008, despite over 160 million people in Pakistan having savings, only about 8 percent had access to formal financial institutions. This disparity highlighted Pakistan as a prime candidate for financial inclusion initiatives. Anticipating this need, mobile operators were poised to take the lead. In March 2008, the State Bank of Pakistan (SBP) issued Branchless Banking Regulations, permitting only established financial institutions to provide services outside traditional bank branches through alternative agent and mobile-based channels. With SBP’s bank-centric approach, it became clear that mobile operators wishing to enter the financial services sector would need to partner with banks to leverage their extensive distribution networks effectively.
Experience
-
Joined APSense.com
Dec 2024