Easypaisa Becomes Pakistan’s First Digital Retail Bank

SBP approval was granted during an official

licensing ceremony, marking a transformative

leap in Pakistan’s financial services sector

Business Reporter

Karachi: Easypaisa has achieved a historic milestone, becoming Pakistan’s first Digital Retail Bank to receive commercial approval for regular digital banking operations from the State Bank of Pakistan (SBP). The approval was granted during an official licensing ceremony held at the SBP, marking a transformative leap in Pakistan’s financial services sector.

From Microfinance to Digital Banking

With this approval, Telenor Microfinance Bank has transitioned into a Digital Retail Bank under the name easypaisa digital bank (registered as “easypaisa Bank Limited”). This evolution underscores Easypaisa’s journey from launching Pakistan’s first branchless mobile money transfer solution to becoming the country’s first fully digital bank.

A Revolutionary Leap for Financial Services

Easypaisa digital bank eliminates the need for traditional branch visits, enabling customers to access comprehensive banking solutions entirely online. From digital current and savings accounts to international remittances and credit/debit cards, Easypaisa offers a seamless, secure digital banking experience. Innovative products like digital term deposits (TDRs), digital lending, and wealth management tools further enhance its offerings.

In 2024, Easypaisa processed 2.7 billion transactions valued at PKR 9.5 trillion, equivalent to 9% of Pakistan’s GDP. With 50 million registered users, including a 31% female user base, Easypaisa has solidified its position as a pivotal player in Pakistan’s financial ecosystem.

Statements from Leadership

• Irfan Wahab Khan, Board Chair, easypaisa digital bank:
  “This milestone cements Easypaisa’s role as a trailblazer in Pakistan’s digital financial landscape. We thank the State Bank of Pakistan, our dedicated team, and our loyal customers for making this vision a reality. Easypaisa is committed to empowering millions of Pakistanis and driving financial inclusion across the nation.”
• Douglas Feagin, Board Director, easypaisa digital bank, and President of Ant International:
  “Easypaisa’s transformation into a digital bank is a landmark achievement. Ant Group is proud to support this journey, enabling greater financial inclusion and fostering economic progress in Pakistan.”
• Jahanzeb Khan, CEO & President, easypaisa digital bank:
  “This marks a pivotal moment in our journey to redefine banking in Pakistan. Our digital bank will create unprecedented access to financial services for millions, offering secure and innovative solutions at their fingertips.”

Backed by Industry Leaders

Easypaisa digital bank’s shareholders include Telenor Group, a leading telecom operator in Asia and the Nordics, holding a 55% share, and Ant Group, a global leader in open internet platforms, with 45% ownership.

A Legacy of Innovation

Easypaisa’s journey began in 2009 with Pakistan’s first branchless banking license. In 2023, it received an In-Principle Approval as one of five participants granted Non-Objection Certificates for digital banking. Today, it stands as the only incumbent bank to launch full-scale commercial digital banking operations.

Driving Financial Inclusion and Economic Growth

This milestone positions Pakistan at the forefront of digital financial innovation. By breaking traditional banking barriers, Easypaisa is unlocking new opportunities for underserved populations, fostering economic growth, and contributing to Pakistan’s economic resilience.

About Easypaisa Digital Bank
Easypaisa digital bank is Pakistan’s pioneer in digital financial services, backed by Telenor Group and Ant Group. Offering secure, seamless banking solutions, it empowers millions of Pakistanis through innovative digital financial products, driving the country’s fintech revolution.