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.
Guidelines for Mobile Banking