ISLAMABAD – Telenor Microfinance Bank (TMB), the operator of Pakistan’s leading digital financial services platform, easypaisa, has announced a $10 million equity investment from its shareholders, Telenor Group and Ant Group. This investment comes as easypaisa prepares to launch its digital retail banking operations in Pakistan, pending regulatory approvals.
The capital infusion signifies the shareholders’ confidence in easypaisa’s role in promoting financial inclusion in Pakistan. Irfan Wahab Khan, Chairman of the Board of Directors at TMB/easypaisa, emphasized the company’s commitment to digital innovation and its ambition to reshape banking in Pakistan.
Douglas Feagin, President of Ant International and a Director on the TMB board, reaffirmed Ant Group’s support for easypaisa’s mission to expand digital and inclusive financial services in Pakistan. Feagin’s visit to Pakistan included meetings with government officials and key stakeholders to discuss the company’s strategic direction.
Strong Financial Performance in Q3 2024
TMB reported a profit before tax (PBT) of PKR 3.9 billion for the first nine months of 2024, marking a 374% year-on-year increase. This growth was attributed to increased digital lending, deposit growth, and strong branchless banking revenue. Jahanzeb Khan, CEO & President of TMB/easypaisa, expressed gratitude for the shareholders’ support and highlighted the company’s focus on expanding its digital offerings.
The bank maintained a robust capital adequacy ratio (CAR) of 30.9%, demonstrating its financial stability. This marks the third consecutive quarter of PKR 1 billion or more in profit for TMB.
Digital Retail Banking on the Horizon
Having secured in-principle approval for a digital retail bank license from the State Bank of Pakistan in 2023, easypaisa is poised to revolutionize banking in the country. With over 45 million registered accounts, easypaisa is committed to leveraging technology to drive financial inclusion and empower millions of Pakistanis.
This latest investment and strong financial performance position easypaisa for continued growth and innovation in Pakistan’s evolving digital financial landscape.