The bank in your pocket
Defining a new age of mobile financial services.
KARACHI:
Branchless banking has taken the country by storm. More than 9.3 billion transactions worth Rs16 billion have been conducted since the launch of ‘easypaisa’ up till December 28 this year, according to exclusive data available with The Express Tribune.
The official spokesperson of Telenor Pakistan – the company that launched the easypaisa mobile banking service almost a year back – says the domestic arm of the world’s sixth largest telecommunications firm has no intentions of slowing down.
The company has firmly rooted itself in the country’s mobile industry and is now working to bring complex financial services to the unbanked segment of the population. These services include loans, savings and insurance.
Telenor Pakistan is currently the second largest mobile operator in the country after Mobilink in terms of subscribers and has been making strides in the industry using nothing but competitive pricing along with its easypaisa offering.
Largest of its kind
Industry analysts estimate that it is safe to call easypaisa the largest mobile banking solution in terms of reach and financial inclusion. They believe that it is the biggest opportunity for the unbanked segment to enjoy access to financial services without visiting a conventional bank branch.
Easypaisa merchants are spread across the country. Their number has multiplied since the service was introduced last year, growing 400 per cent, to over 11,500 retail outlets over 713 cities, towns and villages.
The growth over the last quarter of 2010 is also impressive with 560 new retail merchants and 13 more cities added during the period (till December 25).
Banking the unbanked
It seems Telenor did its homework before launching the service. According to company research, there are currently an estimated 30 million economically active people who do not have access to basic financial services. Moreover, a World Bank study estimates that at least $2 billion in international remittances are transacted through informal channels to Pakistan every year.
In addition to tapping the unbanked market, sources say the company’s aim with easypaisa was to target users of domestic remittance services and persuade them to instead avail the telecommunication giant’s services.
The mobile banking service was launched jointly with Tameer Microfinance Bank. It is worth noting that Telenor holds a majority share in the microfinance bank.
Published in The Express Tribune, December 30th, 2010.
Branchless banking has taken the country by storm. More than 9.3 billion transactions worth Rs16 billion have been conducted since the launch of ‘easypaisa’ up till December 28 this year, according to exclusive data available with The Express Tribune.
The official spokesperson of Telenor Pakistan – the company that launched the easypaisa mobile banking service almost a year back – says the domestic arm of the world’s sixth largest telecommunications firm has no intentions of slowing down.
The company has firmly rooted itself in the country’s mobile industry and is now working to bring complex financial services to the unbanked segment of the population. These services include loans, savings and insurance.
Telenor Pakistan is currently the second largest mobile operator in the country after Mobilink in terms of subscribers and has been making strides in the industry using nothing but competitive pricing along with its easypaisa offering.
Largest of its kind
Industry analysts estimate that it is safe to call easypaisa the largest mobile banking solution in terms of reach and financial inclusion. They believe that it is the biggest opportunity for the unbanked segment to enjoy access to financial services without visiting a conventional bank branch.
Easypaisa merchants are spread across the country. Their number has multiplied since the service was introduced last year, growing 400 per cent, to over 11,500 retail outlets over 713 cities, towns and villages.
The growth over the last quarter of 2010 is also impressive with 560 new retail merchants and 13 more cities added during the period (till December 25).
Banking the unbanked
It seems Telenor did its homework before launching the service. According to company research, there are currently an estimated 30 million economically active people who do not have access to basic financial services. Moreover, a World Bank study estimates that at least $2 billion in international remittances are transacted through informal channels to Pakistan every year.
In addition to tapping the unbanked market, sources say the company’s aim with easypaisa was to target users of domestic remittance services and persuade them to instead avail the telecommunication giant’s services.
The mobile banking service was launched jointly with Tameer Microfinance Bank. It is worth noting that Telenor holds a majority share in the microfinance bank.
Published in The Express Tribune, December 30th, 2010.