KARACHI: Pakistan’s First Digital Retail Bank (DRB) “easypaisa Digital Bank” has announced to commence commercial and regular operations after receiving commercial approval for the State Bank of Pakistan (SBP).
With this approval from the regulator, Telenor Microfinance Bank has been converted from a “Microfinance Bank” to a “Digital Retail Bank,” and will now be operating under the name “easypaisa digital bank” (Registered name: “easypaisa Bank Limited.”)
Addressing a press conference here on Tuesday, Irfan Wahab Khan, Chairman of the Board, easypaisa Digital Bank, said this is a monumental milestone that reinforces easypaisa’s role as a trailblazer, becoming the country’s first Digital Retail Bank. “Since the launched, Telenor group and Ant group invested $391 million in EasyPaisa”, he informed.
He said that from being Pakistan’s first branchless mobile money transfer solution to becoming Pakistan’s first digital bank to launch commercial operations, easypaisa’s transition marks a transformative leap in financial services, enabling customers to access comprehensive banking solutions entirely online. By eliminating the need for traditional branch visits, the bank represents a significant paradigm shift in digital financial accessibility and innovation, he added.
He informed that easypaisa has established itself as a pivotal player in Pakistan’s financial ecosystem with 50 million registered users representing one in four Pakistani adults, a robust 31 percent women user base, and 2.7 billion transactions processed in 2024 valued at Rs 9.5 trillion (approximately 9 percent of Pakistan’s GDP).
“easypaisa digital bank is poised to deliver a robust, secure, and seamless digital banking experience to millions of Pakistanis”, he added.
He mentioned that being a digital bank, easypaisa now can introduce many products that are firsts in Pakistan, such as digital term deposits (TDRs) and digital lending options that are available on phone, along with a diverse range of innovative services, from digital current and savings accounts, digital wealth management tools, international remittances, to credit and debit cards, all accessible digitally. These groundbreaking offerings aim to expand access to convenient digital banking services for a broader audience, he said.
Wahab also extended heartfelt gratitude to the SBP and easypaisa’s exceptional team for turning this vision into reality.
Douglas Feagin, Director on the Board of easypaisa digital bank, President, Ant International & Senior Vice President, Ant Group, said that easypaisa’s evolution into a digital bank marks a significant milestone in Pakistan’s financial services landscape. Ant Group looks forward to further supporting this transformative journey and helping to empower millions of Pakistanis, driving greater financial inclusion and economic progress across the country, he added.
Jahanzeb Khan, CEO & President, easypaisa digital bank said easypaisa is not just launching a digital bank, but creating unprecedented access for millions of customers, enabling comprehensive banking services at their fingertips. “Our commitment remains unwavering, to continue pioneering innovative digital financial solutions that redefine banking in Pakistan”, he added.
It may be mentioned here that easypaisa digital bank’s shareholders are Telenor Group, a leading telecom operator in Asia and the Nordics, holding a 55% shareholding, and Ant Group, the world’s leading open internet platforms, which contributes 45% ownership.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.