Since mid-2006, residential land prices in the United States have fallen by over 50 percent.2 Falling land prices were at the heart of the financial crisis from 2007 to 2009 and have generated a persistent fall in wealth and borrowing capacity for households. The associated declines in demand for consumption goods and investment goods pushed downward on prices and inflation.
With these regulations, SBP enabled a diverse set of players including banks, microfinance banks, mobile network operators (MNOs), retailers, and technology firms to develop partnerships and business models, while safeguarding stability of the banking and payment system, and interest of customers. In accordance with these objectives, SBP allowed only the bank-led model for undertaking branchless banking.