In a historic achievement, Easypaisa has officially become Pakistan’s first-ever digital retail bank to receive approval to begin regular banking operations. This momentous event took place on January 28, 2025, when the State Bank of Pakistan (SBP) granted Easypaisa its commercial approval to launch under the country’s new Licensing and Regulatory Framework for Digital Banks.
Previously known as Telenor Microfinance Bank, Easypaisa has now been transformed into a digital bank. The bank will continue to serve its large customer base, but now under a new name: Easypaisa Bank Limited. This shift marks a groundbreaking move in Pakistan’s financial landscape, as Easypaisa moves from offering mobile money services to becoming a fully-fledged digital banking entity. This milestone will not only benefit the millions of existing Easypaisa users but will also bring banking to those who have previously been excluded from traditional banking services.
The new Easypaisa digital bank will provide customers with a wide range of innovative banking services, all accessible through smartphones. This includes services like digital current and savings accounts, digital wealth management tools, international remittances, credit and debit cards, and more. Easypaisa is also offering unique digital products in Pakistan, such as digital term deposits (TDRs) and digital lending options, making banking easier and more accessible for millions of Pakistanis.
The vision behind Easypaisa’s transformation is to make banking simpler, more secure, and more inclusive for everyone. By going digital, Easypaisa is eliminating the need for physical bank branches, making it possible for customers to carry out all their banking needs from the convenience of their phones. This change will allow Easypaisa to reach underserved communities across Pakistan, bringing financial services to people who have not had access to traditional banks before.
Irfan Wahab Khan, the board chair of Easypaisa Digital Bank, expressed his gratitude for the achievement. He emphasized that the approval is a result of the hard work and dedication of the Easypaisa team, as well as the trust of the bank’s customers. He also thanked the State Bank of Pakistan for its support. According to Khan, Easypaisa is committed to advancing financial inclusion and helping millions of people benefit from digital banking services.
Douglas Feagin, a senior member of the Easypaisa Digital Bank Board and President of Ant International, highlighted that Easypaisa’s transformation marks an important step in Pakistan’s financial services landscape. He believes that with continued support, Easypaisa can bring more people into the financial fold, promoting economic progress and financial inclusion.
Jahanzeb Khan, the CEO of Easypaisa Digital Bank, also celebrated the achievement, acknowledging the contributions of the Easypaisa team and board members. He reiterated the bank’s commitment to offering comprehensive banking services and creating an accessible digital financial ecosystem for everyone in Pakistan.
Easypaisa’s journey to this point began back in 2009 when it became one of the first companies in Pakistan to receive a branchless banking license from the State Bank of Pakistan. In 2023, the company took another major step forward by being among the few banks to receive a Non-Objection Certificate for digital banking. Easypaisa’s growth has been remarkable, and the move to a full-fledged digital bank further strengthens its position in the market.
Easypaisa’s shift to digital banking represents a promising future for Pakistan’s financial services sector. It will make banking more inclusive, accessible, and efficient, helping drive economic growth and supporting the digital economy in Pakistan. As Easypaisa continues to innovate and offer new services, it is poised to be a key player in the future of digital banking in Pakistan.
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