Pakistan: Is Mobile Money a Viable Alternative to Banking?

The 2014 Financial Inclusion Insights (FII) survey estimates that 93% of Pakistani adults are financially excluded as only 7% of the respondents reported to having a bank account, while registered accounts with other financial institutions were negligibly low. A more promising statistic is that of mobile phone ownership, as the FII survey finds that 54% of Pakistani adults own a mobile phone. This high proliferation of mobile phones is considered by many to be an opportunity for the financially excluded to attain financial inclusion through Mobile banking. However, various products such as loans, insurance, and interest on savings are not offered by mobile money companies yet.