Telenor Group, Ant Financial team up for inclusive financial services in Pakistan

Tuesday 13 March 2018 13:15 CET | News

Telenor Group has signed a deal with Ant Financial in Pakistan, where Ant Financial will invest in Telenor Microfinance Bank (TMB) to develop TMB`s digital financial services.

The partnership combines TMB’s knowledge and local market presence with more than 20 million customers, and Ant’s technology in Alipay to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.

TMB offers Easypaisa, Pakistans mobile financial services platform launched in 2009. Moreover, TMB provides micro-finance and related financial services to the unbanked segment of the Pakistani society.

Today, more than 100 million Pakistanis are unbanked, accounting for 5% of the world’s unbanked population, according to the World Bank. The state of affairs is expected to change in the years to come, especially with rising smartphone penetration.

The completion of the transaction is subject to customary regulatory approvals.

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Keywords: Telenor Group, Ant Financial, Pakistan, Telenor Microfinance Bank, easypaisa, mobile payments, financial inclusion
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce