SBP grants DRB license to Telenor Microfinance Bank

October 02, 2023

KARACHI: Telenor Microfinance Bank, operator of Pakistan’s leading digital financial services platform, easypaisa, has received In-Principle Approval (IPA) for Digital Retail Bank (DRB) license from the State Bank of Pakistan (SBP) under the Licensing and Regulatory Framework for Digital Banks.

This remarkable achievement positions TMB as a digital bank poised to offer a wide array of exciting financial services primarily through digital channels, revolutionizing the digital banking experience for millions of Pakistanis.

The SBP hosted a ceremony in Karachi to officially grant In-Principle Approval to five banks, including TMB. The event saw the presence of sponsors of other DRBs, incumbent bank CEOs, financial institutions, fintechs, SBP’s top management, as well as TMB’s senior management and shareholders, including Kashif Ahmed, Acting CEO, Amna Abbas, CLO, Solomon Jamin, Vice President, Investment Management, Telenor Asia, and Douglas Feagin, Senior Vice President, Global Strategic Partnerships and Investments, Ant Group.

Commenting on the development, Irfan Wahab Khan, Chairman, Telenor Microfinance Bank, said “This is a great milestone for us and a testament of our efforts towards enabling financial inclusion in Pakistan. TMB and easypaisa has emerged as one of the most trusted financial platforms during the last 13 years. On behalf of the Board and Management, I would like to thank the State Bank of Pakistan for believing in us and giving us the In-Principle approval to set up a digital bank in Pakistan. Kudos to the entire team for working with full zeal and commitment for this achievement.”