E-gateway system being established to facilitate transactions through mobile banking

ISLAMABAD, Pakistan: A state-of-the-art e-gateway system is being established at State Bank of Pakistan (SBP) at a cost of Rs200 million to facilitate transactions through e-gateway systems and mobile banking.

Technical training of the service delivery organizations would also be undertaken through this project, an annual report issued by Pakistan Telecommunication Authority (PTA) revealed.

Highlighting the initiatives being taken for Digital Financial Inclusion And Mobile Banking, the report said these included exemption from withholding tax on cash withdrawals by branchless banking agents.

A Rs8 billion fund will be created at the SBP to provide loans to low-income segments through micro-finance banks.

The government had launched Pakistan Microfinance Investment Company (PMIC) last year jointly with DFID and KFW (German government-owned development bank) to augment availability of capital for Micro Finance institutions.

It is estimated that this will lead to doubling of small loans.

Source: APP

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