Telenor Microfinance Bank (TMB) has secured a $10 million equity investment from its shareholders, Telenor Group and Ant Group. Pending regulatory approvals, Easypaisa is preparing to launch its digital retail banking operations in Pakistan.
This investment is part of a total equity infusion of $319 million (PKR 52 billion) by shareholders since 2018, marking a significant milestone in easypaisa’s transformation journey and reflecting confidence in TMB’s role in advancing financial inclusion.
The State Bank of Pakistan granted TMB a No Objection Certificate (NOC) and In-Principle Approval for a Digital Retail Bank license in 2023. Following this, easypaisa has grown to over 45 million registered accounts, covering one in four Pakistani adults.
Douglas Feagin, President of Ant International and Director on TMB’s Board, visited Pakistan to confirm this investment and held discussions with local partners and government officials to emphasize Ant Group’s strategic commitment to expanding digital financial services in the country.
Irfan Wahab Khan, Chairman of TMB’s Board, stated that the bank is at the forefront of digital finance, poised to reshape banking in Pakistan.
TMB’s Q3 2024 financial results highlight a Profit Before Tax (PBT) of PKR 3.9 billion, reflecting a remarkable 374% year-on-year growth compared to PKR 0.82 billion in Q3 2023. The bank’s net markup income increased by 69%, and non-markup income grew by 38%. Additionally, TMB maintained a robust Capital Adequacy Ratio (CAR) of 30.9%, underscoring its financial strength.
