KARACHI: The State Bank of Pakistan (SBP) has released a report based on the financial performance of the second quarter of the fiscal year 2025-2024, according to which the banking network and digital payments in the country have recorded a significant increase.
According to the SBP statement, the number of commercial and microfinance bank branches increased by 1249 during the second quarter, after which the total network of branches across the country has reached 19,910. The ATM network also expanded and saw the addition of 349 machines, taking the total number of ATMs to 19,519.
Significant improvement was also seen in digital transactions, where the number of POS machines increased by 19,422, after which the network expanded to 151,646 machines. This will help in promoting digital payments in the country and provide more convenient and secure financial services to the customers.
According to the SBP report, the total value of large financial payments in the second quarter of fiscal year 2025 was Rs Rs16,32,600 billion, which is 3 percent higher than the previous quarter. Similarly, the number of large financial payments also registered a growth of 18.75 percent.
Regarding retail payments, the report said that the value of retail transactions in the second quarter was Rs 2.14 billion, while its total volume increased by 10% to Rs Rs1,53,639 billion. During this time, the value of payments increased by 12.4 percent, which is a clear indication of the growth of digital finance in the country.
Economists say the financial system is improving due to the SBP’s initiatives and the promotion of digital financial services, and this will further strengthen the business environment. This trend is expected to continue in the future, which will make the banking and financial system in Pakistan more modern and effective.
