Easypaisa is reportedly parting ways with Telenor Pakistan.
Telenor Pakistan launched Easypaisa in 2009 with the approval of the State Bank of Pakistan. ProPakistani reported that Easypaisa, which is Telenor Pakistan’s Mobile Financial Services Division, will be transferred to Tameer Microfinance Bank.
Telenor Group wholly acquired Tameer Bank last year. At that time, it was announced that Telenor Pakistan will transfer the management of Easypaisa to Tameer.
After the transfer, Easypaisa’s balance sheets will be visible under Tameer Bank and not Telenor Pakistan. Also, Easypaisa’s reporting and day to day operations will be managed by Tameer Bank and not Telenor Pakistan. Once the process is completed, Easypaisa will have its own digital agency, PR agency and all sorts of vendors that it may need for running the day to day operations.
Easypaisa staff may keep using Telenor Pakistan’s office space in some cities but Telenor Pakistan will charge Easypaisa for such services. It is also rumored that name of Tameer Bank will be changed to Telenor Bank once the transaction is done.
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Easypaisa is Pakistan’s first branchless banking solution and world’s third largest branchless banking service. It provides mobile banking, secure payments, money transfer and more. Easypaisa won London’s Financial Innovation Award in 2016, ‘Wall Street Journal’s Financial Inclusion Challenge’ in 2015 and ‘Best Mobile Money Service’ award at the annual GSMA Awards in Barcelona in 2014.
Tameer Bank launched its operations in 2005 to provide micro-finance and related financial services to the less privileged and unbanked segment of the society. Tameer Microfinance Bank bagged the ‘Best Microfinance Bank’ and the ‘Bank the Unbanked’ awards at the country’s first ever Pakistan Banking Awards in 2016.