Telenor Pakistan CEO shares expansion plans with finance adviser

Irfan Wahab says fresh injection of $45m into Telenor Microfinance Bank/Easypaisa will help strengthen Pakistan's digital payment ecosystem

ISLAMABAD: Telenor Pakistan CEO Irfan Wahab Khan on Thursday met Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh to brief him on the services offered by the company and its expansion plans in the country. 

The CEO conveyed his company’s intention to increase its investment volume in Pakistan with help and assistance from the government, according to a press statement issued by the Finance Division. 

Khan informed that the company had early this week received an additional capital of Rs7.4 billion ($45 million) into Telenor Microfinance Bank from Ant Financial and Telenor. This brings the total foreign direct investment (FDI) to $185 million in the last two years.

“Equity injection into Telenor Bank/Easypaisa will help grow Pakistan’s digital payment ecosystem,” he maintained. 

The CEO opined that the telecom sector has an investment potential of about $1 billion which can be tapped. He also briefed the PM’s aide on the company’s plans to improve and provide latest telecommunication services in AJK and GB. 

“In view of the ongoing economic situation of businesses, FBR may be asked to rationalize the withholding tax/GST on telecommunication services,” the CEO requested. He also urged the finance adviser to settle the issue of SIM Issuance Tax out of court so as to bring an amicable end to this matter. Other issues regarding the renewal of licenses were also discussed on the occasion.

The adviser appreciated the contribution of the telecom sector in the development of the country, saying that the sector is helping the people in many ways; from job creation to communication and providing digital access to financial services. He assured the CEO of all possible help and support for the growth of the telecom sector.

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