TMB receives $45m investment from its shareholders

KARACHI: Telenor Microfinance Bank has received some $45 million equity injection to continue its growth on digital strategy.

According to an announcement by the bank, Telenor Microfinance Bank (TMB) has received this investment from its shareholders Telenor Group and Ant Group Co., Ltd. (Ant Group). The investment by the shareholders has further strengthened the Bank's capital position and placed the organization on an upward trajectory to continue its growth in the mobile payment space of Pakistan.

To address the low level of financial inclusion in the country, TMB focuses on innovative technology and extensive research and development, and these areas will see a significant rise with the new investment being injected by its shareholders.

Being the leader of the fintech revolution in Pakistan, TMB is providing best-in-class services to millions of customers across the country. The Bank continues to work towards financially empowering Pakistanis through a robust portfolio of credit solutions and its revolutionary digital payment platform, Easypaisa.

The Covid-19 pandemic has come as a strong reminder to businesses and individuals not just in Pakistan but around the world that a digitally-enabled landscape for payments is a necessity. The Bank has been working on improving financial inclusion ratios within the country through the introduction of state-of-the-art services and a range of innovative financial solutions that are easily accessible to a major chunk of the population.

Commenting on the development, Irfan Wahab Khan, Chairman Board of Directors, TMB, said that as pioneers of mobile banking in Pakistan, Telenor Microfinance Bank aims to make a long lasting impact in the financial landscape of the country. Through its innovative banking solutions, the Bank is geared up towards building a digitally enabled economy for Pakistan where the benefits reach everyone at all levels, he added.

Copyright Business Recorder, 2020