Telenor Microfinance Bank is an operator of Pakistan’s leading digital payments platform EasyPaisa. TMFB receives an equity investment of $15m (Rs3.4bn) from its shareholders. Telenor Group and Ant Group, according to a press release.
This is the first tranche of a total investment of $30 million. It made by the shareholders to support the latest business plan.
The tranche brings the total equity invested by shareholders to $305m since 2018.
This investment further strengthens the bank’s capital position. And puts the organization on an upward trajectory to continue its growth in Pakistan’s digital finance space.
Senior management from both Telenor Group and Ant Group visited Pakistan a few weeks ago. They meet TMB’s leadership team and reiterate their support for the bank’s future roadmap.
In pursuit of its mission to create a financially inclusive and cashless society. TMB has become the first bank in Pakistan to successfully introduce a digital-first model.
With over 11 million monthly active users, the platform continues to diversify its offerings.
It enables customers to use a suite of digital financial services. Which includes payments, savings, and digital loans, eliminating the need to physically visit a branch.
CEO Comments
Mudassar Aqil, CEO of Telenor Microfinance Bank and EasyPaisa said: “We are grateful for the continued trust and confidence of our shareholders in us. Therefore, this commitment is reflects in the investment of $305 million in this business so far.
Which is the largest foreign direct investment in the history of Pakistan’s banking sector. This equity injection enables us to further pursue our digital-first strategy. And will allow digital financial services to be accessible to every Pakistani.
“With over 11 million monthly active users and growing. The country’s largest digital payments platform, we are committed to transforming Pakistan into a cashless and financially inclusive society. ”
Being the leader of the fintech revolution in Pakistan, TMFB/Easypaisa is providing best-in-class services to millions of customers across Pakistan.
The Bank continues to deliver on its mission of a financially inclusive Pakistan through a robust portfolio of innovative digital banking solutions to financially empower Pakistanis.