BSN's 3B service records RM45m transactions since January launch

Source From (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/14PUTRA/Article/index_html

Published: Monday June 15, 2012
By Nancy Nais

PUTRAJAYA: Since its introduction in January this year, Bank Simpanan Nasional (BSN)'s Banking Beyond Branches (3B) service has recorded a total of 532,381 transactions valued at RM45 million.

BSN chief executive Datuk Adinan Maning said bill payments constituted the highest in terms of total value, followed by other transactions such as cash deposits, withdrawals, premium saving certificate and cashless payments.

The 3B service enables banking transactions to be conducted by authorised agents at their retail outlets, especially in areas without banking facilities.

In the first stage, the 3B services are provided for deposits, withdrawals, bill payments, purchases of premium savings certificate and cashless payments.

"Folks, especially those living in the rural can now do their banking transactions at their neighbourhood grocery stores," Adinan said at the official launch of 3B services by Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah here yesterday.

Adinan said BSN has invested RM30 million to provide the service, including the system, training of agents and promotional activities.

Under the 3B service, pioneered by BSN, banking transactions are done via wireless general packet radio service at a point of sale terminal provided by BSN to its agents.

Adinan said so far, a total of 1,500 registered agents have been appointed by BSN to facilitate the 3B service.

The bank is targeting 5,000 agents in the next three years.

He said the 3B service is one of the economically viable routes to expand access to financial services.

Plans for future 3B services include interbank fund transfers, prepaid reloads, bill payments, withdrawals for MEPS customers, mini statements, loan repayments and remittances.

Meanwhile, Husni said BSN's initiative to promote financial inclusion is highly recommended and reflected in the Bank Negara Malaysia's Financial Sector Blue Print 2011-2020.

"It is an innovative channel that enhances convenience and outreach to all citizens, including low income and rural residents to undertake financial transactions," he said.