Easypaisa launches branchless banking savings product

Savings plans will offer a maximum return of 9% to customers.

KARACHI:

Easypaisa has launched Khushaal Munafa, the first savings product based on a branchless banking platform which offers monetary returns to Easypaisa Mobile Account customers, says a press release issued here.

The company says the launch of Khushaal Munafa is yet another step towards financial inclusion of the rural and semi-urban Pakistanis, many of whom have no choice but to save funds through informal savings channels.

Khushaal Munafa offers Easypaisa Mobile Account customers a profit of up to 9% on saving Rs2,000 or more in their Mobile Accounts. The profit offered by Khushaal Munafa is also unique in the sense that it is calculated on a daily basis and the profit is transferred to mobile accounts at the end of each month. The Khushaal Munafa service will be available to both existing and new Mobile Account customers.

According to the press release, four different savings plans under Khushaal Munafa will be offered to mobile account customers, with minimum balance requirements ranging from Rs2,000 to Rs25,000. These plans will offer a maximum profit of 9%, which is one of the highest rates in the industry for a savings product. After subscribing to a particular plan, the minimum balance according to the selected plan will be locked in the system, and customers will only be able to perform transactions on account balances in excess of the minimum requirement. Profit will be calculated and paid out on the total balance in the account.

Published in The Express Tribune, April 17^th, 2013.

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