STAFF REPORT KHI:  Pakistan Telecommunication Authority (PTA) and State Bank of Pakistan (SBP) have signed an MoU to formalize their mutual cooperation in order to promote mobile banking in the country.

The MoU was signed by SBP Governor Yaseen Anwer and PTA Chairman Dr. Muhammad Yaseen at a recently held ceremony.

Under this agreement, PTA will issue Class Value Added Services (TPSJ) licences to third party services providers who will act as facilitator and mediator between telcos and financial institutions for smooth transactions, data verification and mobile banking applications.

After implementation of the proposed arrangement, the mobile phone consumers will have the most attractive benefit of keeping bank account in their pocket with advantages like low cost and fast transfers.

On the occasion, the PTA Chairman said that presently Pakistan has over 122 million cellular mobile subscribers which is the potential target market for mobile banking services and with the upcoming 3G licensing this potential will increase by manifolds.

The SBP Governor said that the MoU will be remembered as a milestone in the history of telecom and banking sectors. He said that branchless banking in Pakistan will have a positive impact on the GDP growth of the country.

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