Circulars/Notifications - Banking Supervision Department  
 BSD Circular No. 2
February 14, 2003  

The President(s),

Microfinance Banks/Institutions

Dear Sirs,

GUIDELINES FOR MOBILE BANKING OPERATIONS
OF MICROFINANCE BANKS/ INSTITUTIONS

 

Under the legal framework for Microfinance Institutions, the Microfinance Banks / Institutions can undertake mobile banking operations to reduce cost and increase outreach of Microfinance services. The operation, however, has inherent risks both for the Microfinance Banks / Institutions and the general public / MFIs clients. To mitigate the risks associated with this activity, the State Bank of Pakistan has prepared guidelines in consultation with the stakeholders. These guidelines shall be applicable on mobile banking operations of Microfinance Banks / Institutions, and shall come into force with immediate effect. 

             The guidelines, interalia, provides for opening of Service Centers within a specified radius of the licensed branch, with prior permission in writing from SBP. The details of Service Centers / Satellite Offices, opened, if any, prior to issuance of this circular shall be reported to SBP within one week of issuance of this circular for regularization.

 

Please acknowledge receipt.



Encl: Guidelines for Mobile Banking

Operations of MFBs/MFIs

Yours faithfully,

sd/-

(Jameel Ahmed)
Director
       
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