Telenor Microfinance Bank (TMB), the operator of Pakistan’s leading digital payments platform Easypaisa, has received a $15 million (Rs. 3.4 billion) equity injection from its shareholders Telenor Group and Ant Group.
This is the first tranche of a total investment of $30 million planned by the shareholders to support the latest business plan and brings the total equity invested by the shareholders since 2018 to $305 million.
The investment has further strengthened the Bank’s capital position and placed the organization on an upward trajectory to continue its growth in Pakistan’s digital finance space.
Senior management from both Telenor Group and Ant Group visited Pakistan a few weeks earlier to meet the Leadership team of TMB and reaffirmed their support for the Bank’s future roadmap.
In pursuit of its mission of creating a financially inclusive and cashless society, TMB has become the first Bank in Pakistan to successfully roll out a digital-first model. With more than 11 million monthly active users, the platform continues to diversify its offerings and is enabling customers to use a suite of digital financial services including payments, savings, and digital lending, eliminating the need to physically come to a branch.
Commenting on the development, M. Mudassar Aqil, CEO of Telenor Microfinance Bank & Easypaisa said;
“We are thankful to our shareholders for their continuous trust and confidence in us. The commitment by Telenor Group and Ant Group is evident from the $305 million investment till date in the business, which is the largest Foreign Direct Investment (FDI) in the history of Pakistan’s banking sector. This equity injection will allow us to pursue our Digital-First strategy and make digital financial services accessible to every Pakistani. With more than 11 million monthly active users and growing, together with the largest digital payments platform in the country, we remain committed to transforming Pakistan into a cashless and financially inclusive society through collaboration and technology.”