Telenor Microfinance Bank, operator of Pakistan’s premier digital financial services platform, easypaisa, has acquired In-Principle Approval (IPA) for a Digital Retail Bank (DRB) license from the State Bank of Pakistan (SBP) under the Licensing and Regulatory Framework for Digital Banks.
This outstanding achievement positions TMB as a digital bank set to deliver a diverse range of innovative financial services largely through digital channels, transforming the digital banking experience for millions of Pakistanis.
The SBP hosted a ceremony in Karachi to officially grant In-Principle Approval to five banks, including TMB.
The event was attended by sponsors from other DRBs, incumbent bank CEOs, financial institutions, fintechs, SBP’s top management, and TMB’s senior management and shareholders, including Kashif Ahmed, Acting CEO, Amna Abbas, CLO, Solomon Jamin, Vice President, Investment Management, Telenor Asia, and Douglas Feagin, Senior Vice President, Global Strategic Partnerships and Investments, Ant Group.
SBP created a Licensing and Regulatory Framework for Digital Banks in January 2022, with the intention of licensing up to five digital banks. Earlier this year, five candidates, including TMB, were chosen after a rigorous evaluation procedure in accordance with the framework’s standards and were issued a No Objection Certificate (NOC) to establish a digital bank.
Irfan Wahab Khan, Chairman of Telenor Microfinance Bank, commented on the event, saying, “This is a great milestone for us and a testament to our efforts towards enabling financial inclusion in Pakistan.” TMB & easypaisa has developed as one of the most trusted financial platforms over the last 13 years. On behalf of the Board and Management, I would like to thank the State Bank of Pakistan for believing in us and granting us In-Principle clearance to establish a digital bank in Pakistan.
Congratulations to the entire team for working so hard to attain this goal. We are now one step closer to our objective of a financially inclusive, digital Pakistan as a result of this unprecedented breakthrough.”
“This monumental achievement validates our unwavering commitment to our digital-first business model, a strategic pivot we made to advance our mission of a financially inclusive Pakistan,” stated Kashif Ahmed, Acting CEO of Telenor Microfinance Bank. Our success is owed to the confidence of millions of clients who have helped us become a household name.
Our valued owners, Telenor Group and Ant Group, have been crucial in directing our company in the proper manner. It also serves as a tribute to our whole team’s outstanding devotion. My thanks go to the State Bank of Pakistan for providing us with this chance. We joyfully accept the position of regulator’s partner on the path to increasing financial inclusion and innovation.”