Telenor Group has renamed Tameer Microfinance Bank to Telenor Microfinance Bank.
Telenor Group initially acquired 51 percent shares of Tameer Microfinance Bank in 2008. Then, in collaboration with Tameer Bank, they launched Pakistan’s first mobile banking platform, Easypaisa, in 2009. Last year, Telenor Group acquired the remaining 49 percent stake of Tameer Bank, making Tameer a solely Telenor-owned entity.
Introducing Telenor Microfinance Bank Ltd. (formerly Tameer Microfinance Bank Ltd.) pic.twitter.com/mT1rz2ovf6
— Telenor Bank (@TelenorBankPk) March 26, 2017
After the acquisition, Ali Riaz Chaudhry was appointed as the President and the CEO of Tameer Bank. Only the name of the bank has been changed to Telenor Microfinance Bank, the management, operations, customers etc. of the bank will stay the same. Ali Riaz said,
“Our new name represents a significant foreign direct investment in Pakistan’s banking sector. We are proud of pioneering the journey of innovating financial services ecosystem in Pakistan, which started with the launch of Easypaisa.”
After the transfer of Easypaisa management to Telenor Bank is completed, Telenor Bank will control the balance sheets and other day-to-day operations of Easypaisa. Easypaisa, Pakistan’s first branchless banking solution and world’s third largest branchless banking service, was previously managed by Telenor Pakistan.
Tameer Bank (now Telenor Bank) launched its operations in 2005 to provide microfinance 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.
Telenor group is one of the world’s largest telecom service providers with 214 million customer base and NOK 131 billion revenue as of 2016. It operates in Scandinavia, Central Eastern Europe, and 6 countries of Asia including Pakistan, India, Myanmar, Malaysia, Bangladesh, and Thailand. Last month, Telenor agreed to transfer the ownership of Telenor India to Bharti Airtel.