Easypaisa, a digital payment platform owned by Pakistan’s Telenor Microfinance Bank (TMB), recently partnered with government-backed National Database and Registration Authority (NADRA) Technologies Limited, to enable Easypaisa customers to access services at 12,000 NADRA “e-sahulat” locations, which offer cash-in and cash-out services for electronic transactions.
The head of branchless banking at Easypaisa, Khurram Malik, said, “Effective collaborations are the ideal way forward to extend our services… Our alliance with NADRA Technologies Limited is an avenue for both organizations to make digital payments simple and conveniently accessible for everyone while also improving financial inclusion ratios in the country at the same time.”
Meanwhile, Norway’s Telenor Group, which holds 49 percent of TMB’s equity, and China’s Ant Group, which owns 45 percent of TMB, increased their commitments to TMB with equity investments totaling USD 45 million. TMB plans to use the funding to further its credit options as well as improve the design and reach of Easypaisa.
Easypaisa was founded in 2009 by TMB, which serves low-income customers via 150,000 agents with products such as loans, money transfers, bill payment, savings and insurance.
Founded in 1998, NADRA is structured as an independent body under Pakistan’s Ministry of Interior.
Telenor Group is a telecommunication services provider that was founded in 1855. The group serves a total of 182 million customers in nine markets, generating NOK 114 billion (USD 12.1 billion) in annual revenue as of 2019.
Ant Group is a China-based financial technology (fintech) company that was founded in 2004 and is 33-percent owned by Alibaba Group, a Chinese firm specializing in e-commerce. Ant Group operates Alipay, an online platform that provides financial services including payments, wealth management, insurance and microloans.
By Kate Finster, Research Associate
Sources and Additional Resources
Telenor press release on NADRA partnership
https://www.telenorbank.pk/assets/pdf/press-release/Easypaisa_and_NADRA_collaborate.pdf
Telenor press release on investment from Ant, Telenor
https://www.telenorbank.pk/assets/pdf/press-release/TMB_receives_US$45_million_Equity_Injection.pdf
Telenor Microfinance Bank
https://www.telenorbank.pk
Easypaisa homepage
https://easypaisa.com.pk
NADRA homepage
https://www.nadra.gov.pk
Telenor Group homepage
https://www.telenor.com
Ant Group homepage
https://www.antgroup.com
Alibaba fiscal year 2020 report
https://www.sec.gov/Archives/edgar/data/1577552/000110465920082881/a20-6321_46k.pdf
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