Islamabad (TDI): Telenor Microfinance Bank (TMB), the operator of easypaisa, has secured a $10 million equity investment from its shareholders, Ant Group and Telenor Group.
Ant Group’s Douglas Feagin confirmed the investment during his visit to Pakistan.
He met with government officials and partners to discuss expanding digital services.
TMB’s Chief Executive Officer (CEO) Jahanzeb Khan called the funding a major step toward digital retail banking.
“The funds will support TMB’s plan to launch digital retail banking in Pakistan, pending a regulatory approval,” he said.
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Following the investment, the TMB showed a year-to-date profit before tax (PBT) of Rs3.9 billion in Q3 2024.
This a massive 374% increase compared to Rs0.82 billion in Q3 2023.
According to TMB, the growth is the result of higher digital lending, increased deposits, and better branchless banking revenue.
Easypaisa now has over 45 million registered accounts. It is helping millions of Pakistanis with digital financial services.
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Meanwhile, Chairman of TMB Irfan Wahab Khan said the bank is driving financial inclusion in Pakistan with innovative solutions.
TMB has received $319 million in equity investments since 2018. The bank maintains a strong Capital Adequacy Ratio of 30.9% and continues to invest in growth.
