Zong Partners Bank of Punjab for Branchless Banking
Zong has collaborated Bank of Punjab (BoP) to commence its operations for the launch of branchless banking. It is worthy to remind a fact here that Zong is already in collaboration with Askari Bank. Recently, a license to start the branchless banking operations is awarded to Bank of Punjab by the central bank to test a pilot phase. For doing so, Bank of Punjab is in collaboration with Zong and Invo8 Technologies.
It is a positive aspect that Bank of Punjab will be the first public sector bank having branchless banking operations. Moreover, BoP will also be competing JS Bank which was awarded the same license this year. A commercial license will be granted to the bank that will finally meet the regulatory compliances, commercial and technical standards. This license will allow the commencement of a ninth operator of branchless banking service. Before awarding commercial license to the bank that could take up to 6 months from now, central bank will assess the performance of the bank related to financial as well as regulatory affairs.
Whether Zong will leave Askari Bank as partner in branchless banking or it will continue its collaboration with both banks at the mean time, stay connected with SimsPK to check more on this topic!!!