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Branchlessbanking-Jul-Sep-2017.Pdf Issue 13 Jul-Sep 2014 Jul-Sep 2017 Branchless Banking Newsletter Team Team Leader Noor Ahmed Team Members Riaz Afzal Ahmed Sumair Acknowledgement: State Bank of Pakistan wishes to acknowledge valuable contributions and data support from Telenor Microfinance Bank Limited (Easypaisa), United Bank Limited (Omni), Mobilink Microfinance Bank Limited (Jazzcash), Askari Bank Limited (PayMax), Habib Bank Limited (HBL Express), U-Microfinance Bank (U- Paisa), Bank Alfalah (Mobile Paisa), MCB Bank (MCB Lite), Meezan Bank Limited (Meezan Upaisa), FINCA MFB and JS Bank. Contact us: Agricultural Credit & Microfinance Department, State Bank of Pakistan, I.I. Chundrigar Road, Karachi. Phone: 021-3245-3970 Fax: 021-99221789 E-mail: [email protected] URL: http://www.sbp.org.pk/publications/acd/branchless.htm Disclaimer: Whilst every effort has been made to ensure the quality and accuracy of this newsletter, the State Bank of Pakistan claims no responsibility regarding the contents of this newsletter. The content and comments in this newsletter are provided for educational purposes and for general information only. In no event will the State Bank, its affiliates or other stakeholders be liable for any mistakes. The analysis presented in this newsletter is for the quarter only, whereas, the news and events are covered till the date of issuance of the newsletter. Jul-Sep 2017 Branchless Banking Analysis Executive Summary The Jul-Sep 2017 quarter witnessed the highest Highlights quarterly increase in BB accounts of 5.7 million, exhibiting 21% growth. The aggregate number of . Encouraging growth of 21% in BB Branchless Banking (BB) accounts surged to 33 accounts to reach at 33 million million at the quarter end. M-wallet share in customer oriented The quarter also witnessed a policy change by transactions rose to 66% SBP, under which it was made mandatory for the . Rs. 30.6 billion disbursed on account banks to conduct Person-to-Person transactions of social welfare payments (also called CNIC to CNIC) only through the Biometric Verification System (BVS) devices . 29% growth in female accounts starting July 2017. Since the installation of BVS . Female share in BB accounts devices is still underway at a number of agent remained 22%, whereas Sindh locations, this led to a decline in OTC represents highest share of female transactions, thus exhibiting a downfall in overall accounts ie. 25% BB transactions which declined 1.48% and 2.69% . in volume and value respectively, from the . preceding quarter. On the other hand, this also resulted in an increased share of m-wallet transactions in overall customer oriented transactions, which jumped to 66% ie. the highest percentage ever, confirming Figure 1: Trend in Number & Value of Transactions 800,000 167,173 164,704 180,000 700,000 160,000 133,741 140,589 746,569 726,451 600,000 118,772 140,000 110,041 596,986 120,000 500,000 354,135 519,820 100,000 400,000 564,448 80,000 300,000 '000' inNo. Rs. in million) in Rs. 60,000 200,000 40,000 100,000 20,000 0 0 Jun'16 Sep'16 Dec'16 Mar'17 Jun'17 Sep'17 Value of Transactions No of Transactions- RHS the fact that m-wallet channel is slowly and steadily gaining momentum vis a vis‘ Over the Counter channel. Agricultural Credit & Microfinance Department 1 Jul-Sep 2017 Branchless Banking Analysis The agent network grew by 17,397 in number during the quarter under review, bringing the aggregate number of shared agents to 420,107, out of which 181,377 were active agents. A total of Rs. 30.6 billion was disbursed on account of social welfare payments through the BB channel during the quarter. These social welfare programs include Benazir Income Support Program (BISP), World Food Program, Internally Displaced Person (IDP) payments, EOBI pensioners and others. Gender wise BB Accounts represent 22% female accounts and 78% male accounts. The total number of female accounts at the end of Jul-Sep 2017 remained 7.39 million out of the total 33 million BB accounts, which represents 29% growth from the preceding quarter. Sindh encompasses the highest share of females in BB accounts (25.3%), followed by Punjab (22.8%) and Azad Kashmir (21.5%). Agricultural Credit & Microfinance Department 2 Jul-Sep 2017 Branchless Banking Analysis Table 1: BB Key Indicators Quarterly Indicators Apr-Jun 2017 Jul-Sep 2017 Change Number of Agents 402,710 420,107 4.32% Number of Active BB Agents 185,297 181,377 -2.12% Number of Accounts 27,312,964 33,070,736 21.08% Active Accounts 13,158,310 15,526,367 18.00% Deposits as of date (Rs. in millions ) 15,423 11,280 -26.86% Number of transactions during the quarter 167,173 164,704 -1.48% (No. in ‘000’) Value of transactions during the quarter 746,569 726,451 -2.69% (Rs. in millions) Average size of transaction (in Rs.) 4,466 4,411 -1.24% Average number of transactions per day 1,857,476 1,830,042 -1.48% Average deposit per account (in Rs.) 565 341 -39.60% Number of BB transactions decline, owing to decrease in OTC payments A total number of 164.7 million transactions worth Rs. 726.4 billion were conducted during the Jul-Sep 2017 Figure 2: Composition of Volume & Value of transactions quarter. Figure 2 shows the break-up of these transactions, showing that the Customer Oriented transactions Total BB Transactions contributed 96.9% and 63.5% in volume Volume: 164.7 Million and value of BB transactions respectively, Value: Rs. 726.4 Billion whereas the remaining were agent transactions for liquidity purpose. The customer oriented transactions are further divided into Over The counter-OTC and mobile-wallet transactions. The mobile-wallets, in terms of volume and Agent transactions for Customer oriented value remained 104.8 million and Rs. liquidity management transactions 246.4 billion, contributing a share 65.7% Volume: 5.2 million (3.1%) Volume:159.5 million (96.9%) and 55.4% respectively. Value: 281.8 billion (36.5%) Value: Rs. 444.6 billion (63.5%) Table 2 shows the quarter wise comparison and break-up of overall BB transactions with their respectively share and % change. It may be noted that the BB transactions Over the Counter M-wallets declined by 1.47% and 2.69% in number and value respectively from the previous Volume: 54.7 million (34.3%) Volume: 104.8 million (65.7%) quarter, due to decline in OTC Value: 198.2 billion (44.6%) Value: 246.4 billion (55.4%) transactions. SBP made it mandatory for the banks to conduct Person-to-Person transactions (also called CNIC to CNIC) only through the Biometric Verification System (BVS) devices starting July 2017. Since the installation of BVS devices is still underway at a number of agent locations, this led to a decline in OTC transactions, thus exhibiting a downfall in overall BB transactions. Table 2: Break-up of BB transactions Volume (No. in Million) Value (PKR in Billion) Change Change Type of Transactions Apr-Jun 2017 Jul-Sep 2017 in % Apr-Jun 2017 Jul-Sep 2017 in % Customer Oriented 161.8 159.5 -1.39% 473.9 444.6 -6.18% Agent related (for liquidity 5.4 5.2 -4.54% 272.7 281.8 3.35% purpose) Total BB Transactions 167.2 164.7 -1.48% 746.6 726.4 -2.70% Agricultural Credit & Microfinance Department 3 Jul-Sep 2017 Branchless Banking Analysis Customer oriented transactions mainly comprise of fund transfers, bill payments social welfare payments and Cash deposit & withdrawals The customer oriented transactions1 declined by 1.39% and 6.18% in volume and value respectively from the preceding quarter. Figure 3 shows the break-up of OTC transactions, depicting that Funds transfers through CNIC, bill payments & mobile top-ups and social welfare payments are the major contributors. Figure 4 illustrates that funds transfers, cash deposit & withdrawals and mobile top-ups are the major contributors in m-wallet transactions. Figure 3: Break-up of OTC transactions Figure 4: Break-up of m-wallet transactions Fund transfers Fund transfers through M- 2.9% through CNIC 5.1% wallets 4.3% Social Welfare Social Welfare 26.7% Payments Payments 2.2% 2.3% 26.3% Cash Deposit & 3.0% Withdrawal 28.6% Bill Payments 17.2% 4.1% 27.8% 43.8% & Mobile top- ups 5.3% Utility Bill & Internet 47.6% 8.4% Loan 44.9% 52.5% Payments 18.7% disbursements 1.5% Mobile topups & Repayments 5.9% Others Others 21.3% Volume Value Volume Value M-wallets grab a sizeable share from OTC channel The m-wallet channel has been grabbing the share of OTC slowly and gradually over the past years, However the quarter under review witnessed a sudden surge2 in m-wallet share which carried out 104.8 million transactions as compared to 54.7 million conducted through OTC channel. Figure 5 exhibits the encouraging fact that m-wallet share has crossed 60% mark for the first time in history, ending at 66% during the end of Jul-Sep quarter. 1 Comprised of OTC & m-wallet transactions and exclude agent transactions for liquidity purpose 2 The number of m-wallet and OTC transactions were 94.5 and 67.3 million respectively in the previous quarter, showing 58% m-wallet share in over all customer oriented transactions. Agricultural Credit & Microfinance Department 4 Jul-Sep 2017 Branchless Banking Analysis Figure 5: Periodic trend - M-wallet to OTC transaction relative share 120 66% 70% 58% 100 60% 104.8 49% 57% 50% 80 44% 94.5 39% 65.9 77.1 59.1 40% 60 68.9 62.1 58.6 67.3 54.7 30% 40 46.1 %)(in share 44.6 20% 20 wallet 10% - 0 0% M Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Number of transactions (in million) (in transactions of Number No.
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