Over USD 300 Million investment in Easypaisa/Telenor Microfinance Bank – Pakistan’s Largest Foreign Direct Investment in the Banking Sector
Islamabad, November 17, 2022 (PPI-OT):Telenor Microfinance Bank is the first Bank in Pakistan that has successfully rolled out a digital first business model which allows it’s 11 million monthly active users to utilize its suite of payments, savings, lending and other digital platform services without the need of any physical interaction with the Bank. This has all been possible due to the Bank’s clear focus on the future of financial services and some bold strategic choices made during the Covid 19 pandemic.
These comments were made by M. Mudassar Aqil, CEO Telenor Microfinance Bank/ Easypaisa, on the future of financial services and role of technology towards financial inclusion in Pakistan. Telenor Microfinance Bank is a joint venture between Telenor Group, the world’s leading telecom provider and Ant Group, the largest fintech in the world with over 1.3 billion users through it’s service Alipay and joint ventures in 9 countries across Asia.
CEO, M. Mudassar Aqil further noted that TMB/ Easypaisa is fortunate to have a dream team of investors who not only bring capital, technical expertise and domain knowledge to the table but most importantly believe in the future of Pakistan’s potential in digital finance. Their commitment is evident from the USD 290 million Foreign Direct Investment (FDI) already invested in the business, with an additional commitment to invest USD 30 million over the next 12 months to help pursue the Bank’s digital first strategy. The first tranche of this investment will be received in November 2022.
Both shareholders remain excited about the potential for growth in the market and have joined hands in the quest to establish the largest digital financial services player to support the joint vision of banking the unbanked with state-of-the-art technology on inclusive principles.
For more information, contact:
Telenor Microfinance Bank Limited
15-A Block 7-8 Central Commercial Area,
K.C.H.S Union, 75350, Karachi, Pakistan
UAN: +92-21-111-111-004, +92-21-111-826-337