Easypaisa, a Pakistani branchless banking services company, and Pakistan-based Adamjee Life Insurance Company Limited, have partnered to launch a free life insurance plan for Easypaisa clients. In 2009, Easypaisa was launched by Telenor Pakistan,a unit of Norway’s Telenor Group in conjunction with Telenor’s Tameer Micro Finance Bank. According to a statement attributed to Roar Bjaerum, vice president of Telenor Pakistan, the insurance product will help achieve Easypaisa’s vision of financial inclusion for all. Details on the life insurance product have not been released.
There are reportedly 14,000 Easypaisa agents in approximately 600 cities as of 2010. Adamjee Insurance Company Limited reported total assets of INR 28 billion (USD 551 million) for fiscal year 2010.
By Charlotte Newman, Research Associate
About Easypaisa
Easypaisa is a Pakistani branchless banking company established in 2009 as an initiative of Telenor Pakistan, a mobile phone service provider, and Tameer Micro Finance Bank of Pakistan. Easypaisa services include mobile bank accounts, national and international money transfer, bill payment and prepaid balance purchasing. There are reportedly 14,000 Easypaisa agents in approximately 600 cities as of 2010. Financial information on Easypaisa is not available.
About Telenor Pakistan
Telenor Pakistan is fully owned by the Telenor Group, a Norwegian communication services provider operating in 11 markets in Europe and Asia as of 2010. Telenor Pakistan began commercial operations in Pakistan on March 15, 2005. Telenor Pakistan acquired 51 percent of the shares of Tameer Microfinance Bank in November 2008. In 2009, it launched Easypaisa to offer branchless banking services. There are reportedly 14,000 Easypaisa agents in approximately 600 cities as of 2010. At the end of October 2010, it reported a subscriber base of 28.5 million and a market share of 24 percent.
Tameer Microfinance Bank
Tameer Microfinance Bank Limited is a licensed commercial bank in Pakistan that provides microfinance services such as small business, group and emergency loans; micromortgages; microinsurance; savings; and money transfers. It was founded in 2005 and is based in Shahrah-e-Faisal, Pakistan. Telenor Pakistan, a subsidiary of the Norwegian mobile communications company Telenor, owns 51 percent of TMFB. As of 2010, TMFB reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 61.7 million, a gross loan portfolio of USD 36.2 million, return on assets (ROA) of 3.74 percent, return on equity (ROE) of 12.6 percent and 111,100 active borrowers.
Sources and Additional Resources:
Daily Times: “Easypaisa, Adamjee Life to Launch First Free Life Insurance,” http://www.dailytimes.com.pk/default.asp?page=2012%5C03%5C15%5Cstory_15-3-2012_pg5_11
MicroCapital.org story, March 15, 2012, “MICROCAPITAL BRIEF: Telenor Pakistan, Tameer Microfinance to Focus on Mobile Banking, Rural Microbanking,” https://www.microcapital.org/microcapital-brief-telenor-pakistan-tameer-microfinance-to-focus-on-mobile-banking-rural-microbanking/
MicroCapital.org story, August 3, 2011, “MICROCAPITAL BRIEF: Tameer Microfinance Bank, AsiaCare Health and Life Insurance Partner to Launch Microinsurance in Pakistan,” https://www.microcapital.org/microcapital-brief-tameer-microfinance-bank-partners-asiacare-health-and-life-insurance-to-launch-microinsurance-in-pakistan/
MicroCapital Universe Profile: Easypaisa
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Easypaisa
MicroCapital Universe Profile: Telenor Pakistan
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Telenor+Pakistan
MicroCapital Universe Profile: Tameer Microfinance Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tameer+Microfinance+Bank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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