On the evening of July 21, SBI, through its partnership with the Bill & Melinda Gates Foundation, had an opportunity to host a summer reception focusing on mobile banking and innovation for financial inclusion and featuring its partner in Pakistan, United Bank Ltd (UBL). The event featured Abrar Mir, Executive Vice President & Group Head for Branchless and e-Banking, who was able to provide updates on UBL’s groundbanking branchless banking platform, Omni. UBL Omni is reaching beyond traditional bank networks and extending access to financial services to millions of unbanked Pakistanis, just a year after its official launch.
Low income people, like these day laborers in Bangladesh, are typically working away from home and will be paid cash-in-hand at the end of the day. They may be based in a location far from a bank branch – and yet need a safe place to keep their money and an effective way of sending money home to their families.
Small but trusted local stores, like this one in Rangpur, Bangladesh, are ideally placed to be branchless banking agents. The store is centrally located, and due to its popularity will typically have the level of cashflow necessary to ensure it is able to meet the needs of customers.