Daily Times

KARACHI: State-owned oil marketing company, Pakistan State Oil (PSO), is all set to offer branchless banking services nationwide utilising its 3,500 outlets across the country and massive cash management strength.

Branchless banking has proved to be an alternative mode to conventional branch-based banking that creates a distribution model for a host of vital financial services including Peer-to-Peer Money transfer through CNIC, opening up of an account instantaneously with low KYC requirements, issuance of instant debit cards, Utility Bill payments of all utility companies, Mobile Phone payments & top ups, Government funds collection/payment including pensions and corporate cash management & insurance. Customers shall now have easy access to all such services round the clock at PSO Stations

The number of branchless banking accounts increased by 73 per cent to 23.69 million in 12 months through March, the State Bank of Pakistan (SBP) reported recently. This only highlights the growing potential and awareness of the benefits of branchless banking.

Speaking at the event MD PSO, Sheikh Imran-ul-Haque stated that, “We intend to make PSO a one stop preferred destination of choice for every fuelling consumer in the country to provide branchless banking services across Pakistan takes us one step closer to transforming PSO into a retail giant beyond the status of just an oil marketing company.”

Under its retail transformation initiative, PSO aims to not only provide fueling services at all of its outlets, but also venture into non-fueling services, making its outlets a one-stop solution for the needs of its customers. The introduction of non-fueling facilities will give a competitive advantage to PSO in terms of greater offerings on its stations as compared to that of any of its competitors.

New products and services at PSO’s fuelling stations have been introduced nationwide including remodeled Shop Stops, automated vending machines, quick-service-restaurants – and now financial solutions/services such as branchless banking and micro-insurance all under one roof. These all are part of the company’s drive towards better serving the ever increasing needs and demands of customers.

Published in Daily Times, June 20th, 2017.