Exclusive: Telenor Plans to Acquire Remaining Stakes in Tameer Bank

Telenor Pakistan, 51 percent owner of Tameer Microfinance Bank’s shares, is planning to buyout all remaining stakes in the bank, we have confirmed with sources.

Telenor had bought 51 percent shares in Tameer Bank back in 2008 for USD 12.5 million (PKR 1 billion approximately), as a regulatory requirement for starting mobile financial services, i.e. Easypaisa.

Then – or even now – banks are supposed to lead a mobile financial service while other organizations such as telcos can be part of such a venture. Instead of partnering with a bank, Telenor had opted to buy majority shares in Tameer Bank almost a year before it launched Easypaisa.

After five years, Telenor Pakistan is now up for cent-percent buyout of the bank. For the purpose State Bank of Pakistan has approved Telenor’s request for due diligence of Bank for acquisition of remaining shares.

Easypaisa —  a joint venture of Telenor Pakistan and Tameer bank — has become a major contributor (up to 10 percent) for Telenor’s revenues.

All cellular operators, except Warid Telecom, now offer mobile financial services. Habib Bank Limited and United Bank Limited also offer mobile financial services in the country.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK

      • well apparently you need a stong financial institution to run something like paypal, and as they are already doing branchless banking with easy Paisa so it is more feasible to operate like paypal now by partnering up with other banks etc

    • I seriously doubt it. The transition from SMS/phone service to Paypal-like system for Tameer bank requires one thing: a working web presence & API. Easypaisa’s online web login service has been DOWN for almost a whole year, with no idea when it will be back up.

      It’s seriously annoying. I have received Rs 75,000+ in the past two years but due to their site, the only record I have of these transactions are the SMS I receive, and also any (paper) statements I request from them.

    • They can’t offer such services like paypal. This comes under being Payment Gateway and offering Merchant accounts which are backed by VISA or Mastercard. Most probably NIB Bank with Mastercard will offer these type of services.

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