PETALING JAYA Nov 6 (FMT): Economists have lauded the government\u2019s move to add 20 more mobile banks to expand financial services to 250 rural areas and sub-districts, particularly in Sabah and Sarawak.<\/p>\n\n\n\n
Barjoyai Bardai of Universiti Tun Abdul Razak said mobile banks were vital to fill the gaps and ensure rural communities have access to banking services.<\/p>\n\n\n\n
\u201cThis will help boost financial inclusivity among those in rural areas, as they do not have to travel far to deposit, send money or set up accounts,\u201d he told FMT.<\/p>\n\n\n\n
Barjoyai said the government\u2019s focus to encourage digital banking could be seen in the various budget initiatives for 2022, such as boosting internet connectivity in the country.<\/p>\n\n\n\n
Academy of Sciences Malaysia fellow Madeline Berma agreed, saying it was good that the government was pushing for more mobile banks and focus should also be on developing digital infrastructure.<\/p>\n\n\n\n
She said mobile banks were still quite physical and it would take time for Malaysia to transition fully to digital banking.<\/p>\n\n\n\n
\u201cThe world is moving towards digital banking but this will take time, especially in east Malaysia as it is a massive (area),\u201d she told FMT.<\/p>\n\n\n\n
In tabling the 2022 Budget at the end of October, finance minister Tengku Zafrul Aziz said the additional 20 mobile banks were expected to begin operating next year.<\/p>\n\n\n\n
The mobile bank initiative was mooted in June with a government allocation of RM18 million for local banks to provide 30 mobile banks nationwide under the Pemulih aid package.<\/p>\n\n\n\n