Pakistan, Dec. 17 -- Branchless banking companies failed to re-activate dormant m-wallet accounts despite back to back promotional activities and incentivized offers, causing a massive correction of the account holder base which declined by over 40 percent.

According to the latest data updated by Pakistan Microfinance Network (PMN), the number of savings m-wallets decreased from 26.6 million to 18.94 million, as 7.6 million m-wallet saving accounts of branchless banking services were closed. These services also closed off 5 percent of m-wallet accounts other than savings accounts.

The correction in the m-wallet account holders' base was carried out mainly due to the recent regulations of the central bank which introduced a new criterion...