MCB Bank Limited recently announced the launch of their mobile banking service as the “Launch of Millions of Branches because now your mobile phone can be a bank”. This has been a roaring success with over 14,000 customers registered, over 100,000 transactions amounting to over one million dollars already under their belt. MCB being one of the largest banks in Pakistan is set out to use its advantage in Mobile Banking and commerce space to create segmented financial products and services in order to reach out to new and previously untapped markets.
Access Group, the regional partner of Fundamo Mobile Banking Platform, implemented the platform at MCB Bank. The service allows customers to check their account balances and mini statements and make a host of payments including utility bills; mobile top ups and peer to peer funds transfers.
Fundamo & Access Group are working side by side with MCB to develop new and innovative value added services that would enable customers to perform most of their banking transactions using their mobile phones without the need to visit any bank branch.
Also in the pipeline are products and services which will broaden the access to financial services for the under banked and un-banked segments of Pakistan. These branchless banking products will be made available enabling MCB to tap into a large bankable population with mobile phones but no bank accounts.