The central bank of pakistan issued first digital retail bank licence to Easypaisa Bank on Tuesday. In a ceremony held at the central bank, Governor Jameel Ahmad awarded the licence to Easypaisa Bank Ltd, formerly Telenor Microfinance Bank Ltd, authorising it to commence commercial operations.
Moreover In In a recent announcement, Irfan Wahab Khan, CEO of Telenor, expressed his pride in this historic milestone for Pakistan’s financial sector. “Easypaisa has evolved into Pakistan’s first digital retail bank!”
“The transformation from a pioneering fintech to a full-fledged digital bank marks a new chapter in our journey of financial inclusion,” he said.
Starting as a vision, Easypaisa has grown into a profitable institution, handling 9% of Pakistan’s GDP.
With 50 million registered users and one in four adult Pakistanis holding an Easypaisa account, the company has established one of the largest financial networks across the country, Wahab added.
He thanked the State Bank of Pakistan and stakeholders for their visionary guidance. Furthermore,the SBP chief expects the bank to promote innovation, enhance financial inclusion, and ensure the availability of accessible and affordable digital financial services.
However In January 2023, the SBP issued NOCs to five applicants HugoBank, KT Bank Pakistan Ltd, Mashreq Bank Pakistan Ltd, Raqami Islamic Digital Bank Ltd, and Easypaisa Bank Ltd.
In September 2023, these banks received in-principle approval to prepare for operational readiness. Subsequently, after fulfilling the required conditions, Easypaisa Bank has been authorised to start operations.
Easypaisa is the branchless banking service of Telenor Microfinance Bank, jointly owned by Telenor Group, one of the world’s largest telecom companies across the Nordics and Asia with 186 million customers, and Ant Group, an affiliate of Alibaba Group and the operator of the world’s leading open digital lifestyle platform, Alipay.
China’s Ant Group has significantly contributed to Pakistan’s financial sector by investing USD 184.5 million for a 45% stake in Telenor Microfinance Bank (TMB).
This partnership has enhanced the Easypaisa platform, making it the country’s largest branchless banking service for individuals and small businesses.