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State Bank of Pakistan Awards First Digital Retail Banking License to easypaisa, Marking a New Era in Financial Inclusion
State Bank of Pakistan Awards First Digital Retail Banking License to easypaisa, Marking a New Era in Financial Inclusion.
Key Highlights of the DRB License Award
- License Presentation and Strategic Goals
- At a ceremony, SBP Governor Jameel Ahmad presented the license, which highlighted the need to address rapid advancements in technology.
- Two key focus areas: enhance digital literacy and implement cybersecurity measures.
- Driving Financial Inclusion
- The DRB license authorizes easypaisa to offer banking services to under-served groups like individuals and MSMEs.
- Governor Ahmad urged easypaisa to draw inspiration from its sponsor, Ant Group, and focus on driving the digital transformation of SMEs in Pakistan.
- easypaisa’s Vision and Capabilities
- Irfan Wahab Khan, Chairman of easypaisa’s board, outlined the bank’s ambitious plans, including facilitating remittances from overseas Pakistanis, providing housing loans, and offering car financing.
- Jahanzeb Khan, President & CEO of easypaisa, revealed that the platform already serves 50 million customers, manages Rs80 billion in deposits, and disburses 65,000 microloans daily through its mobile banking platform.
- Ant Group’s Commitment
- Douglas Feagin, President of Ant International and Senior Vice President of Ant Group, expressed optimism about easypaisa’s future. He reaffirmed Ant Group’s commitment to supporting easypaisa’s transformative journey, empowering millions of Pakistanis, and driving greater financial inclusion and economic progress across the country.
- Ant Group, a global leader in open internet platforms, owns a 45% stake in easypaisa, with the remaining 55% held by Telenor Group, a leading telecom operator in Asia and the Nordics.
- Shareholder Investment
- With a $10 million investment by shareholders, Telenor Microfinance Bank (TMB) was able to expand its digital banking services.
- Pakistan’s Digital Banking Landscape
- These entities received In-Principle Approval (IPA) in September 2023 to prepare for operational readiness, signaling the beginning of a new era in Pakistan’s digital banking sector.
- These entities received In-Principle Approval (IPA) in September 2023 to prepare for operational readiness, signaling the beginning of a new era in Pakistan’s digital banking sector.
Why This Matters for Pakistan’s Financial Ecosystem
The DRB license represents a significant leap forward in expanding access to financial tools for underserved populations.
easypaisa’s Role in Revolutionizing Retail Banking
easypaisa’s innovative approach, showcased through initiatives like easypaisakarobar, is revolutionizing traditional retail value chains through digital innovation.
Conclusion
The award of the DRB license to easypaisa marks a transformative moment for Pakistan’s financial sector. This initiative aligns with the SBP’s vision of creating a more inclusive and digitally advanced financial ecosystem. State Bank of Pakistan Awards First Digital Retail Banking License to easypaisa.
