In Pakistan, there are two primary transaction channels in the branchless banking sector: mobile wallets, and over-the-counter (OTC). In contrast to the mobile wallet platform where customers execute all transactions on their mobile phones themselves, the OTC model is facilitated by an agent. This channel is a convenient and reliable.
There has been a steady rise in the promotion of mobile wallets as a viable alternative to conventional banking services.This innovative channel, MNOs seek to streamline the banking process and increase financial outreach to the wider population.
M-Shwari, the first digital credit and savings account service of its kind, was launched in Kenya in 2012, and has since gained tremendous popularity, prompting numerous similar deployments to emerge worldwide.
According to the Global Microscope 2015, Pakistan currently has one of the top five most enabling financial inclusion environments in the world. In the coming months it will be interesting to see how this environment impacts the nation’s financial inclusion progress.
Two-way digital conversations can be used to migrate mobile money customers from OTC to mobile wallets and keep them active once migrated. In two-way conversations, customers can both initiate the conversation or be led in conversation. Juntos Global builds these two-way conversations with customers on behalf of financial service providers.
