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Branchless Banking Agents Banned

Corporate banking branches suspended in 2025 and to punish those agents across the country, it is learned. This corrective and punitive action was taken to control the violation of rules and regulations and to ensure the best business practices in this sector.

Banking companies without branches is not subject to punishment only their clients, but warned a number of other agents for violation of an ongoing rules and regulations set forth the central bank.

These measures, which is long overdue in the sector, mainly for over charging customers and avoid steps KYC has taken, which also affected negativly the routine business of the banking sector without branches but it will be good in the long term for agents and operators alike, the central bank said.

And ask them to continue to improve their agent take on the procedures and monitoring and compliance in line with the framework of SBP Banking branches and buying agent and management. Agents official instrumental in achieving a wider range of financial inclusion in the country’s goals.

In June 2016, the State Bank issued in Pakistan banks operating banking companies without branches to take action against the agents for their involvement in malpractices such, fraud, forgery, and non-compliance with the rules and practices of banking illegal business with agents unauthorized over-charging, and denial frequent of services to customers and others.

The total number of clients grew by 1.6%, reaching 346,716 by the end of April to June 2016 and is dominated by a share of the agents in the market for an easy way paisa (30%), Jazzcash (18%) and Upaisa (13%). All players need to activate the infrastructure to existing customers to promote BB transactions including the opening of new accounts, transfer funds and raise deposits. HBL Express, Timepay and Mobilepaisa need to make more efforts to take advantage of the network of agents to the activities of BB.

During the previous quarter, and increased transaction banking branches to 118800000 assessment Rs. 543600000000, which is higher by 2.5% in volume and higher by 6.8% in value compared to the previous quarter. The number of accounts BB has been recovering from a slight decline in January-March 2016 quarter, which rose to 14.6 million dinars (6.6%) during the current quarter.

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