In a landmark event held at the State Bank of Pakistan (SBP) headquarters in Karachi, Governor Jameel Ahmad awarded the first Digital Retail Bank (DRB) license to Easypaisa Bank Limited, formerly known as Telenor Microfinance Bank Limited. This license authorizes Easypaisa Bank to commence commercial operations, marking a significant step toward promoting innovation, financial inclusion, and the provision of accessible and affordable digital financial services.
The ceremony was attended by CEOs of digital banks, members of the Executive Committee of the Pakistan Banks’ Association, Easypaisa Bank’s Board of Directors and senior management, and SBP executives.
In his keynote address, the SBP Governor highlighted the institution’s strategic role in developing a framework for digital banking in Pakistan and establishing a structured licensing process. He encouraged Easypaisa Bank to follow the lead of its sponsor, Ant Group, by focusing on the digital transformation of small and medium enterprises (SMEs) in the country.
The Governor emphasized the importance of meeting licensing milestones and urged digital banks to design innovative, customer-focused solutions tailored to the needs of individuals, micro, small, and medium enterprises (MSMEs), and underserved segments. He underlined that such efforts are critical for fostering financial inclusion and driving economic growth.
Addressing challenges associated with rapid technological advancements, the Governor highlighted two key priorities: improving customer digital literacy and implementing robust cybersecurity measures to safeguard trust and maintain the integrity of the financial system. He expressed confidence in Easypaisa Bank’s ability to deliver innovative and affordable digital financial solutions to underserved populations, contributing to the financial inclusion and digitalization goals of Pakistan.
The journey toward this milestone began in January 2023, when SBP issued No Objection Certificates (NoCs) to five applicants: HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited, and Easypaisa Bank Limited. These entities were selected through a rigorous evaluation process assessing governance, industry expertise, financial capacity, business strategies, implementation frameworks, funding plans, and IT and cybersecurity infrastructure.
In September 2023, these banks received In-Principle Approval (IPA) to prepare for operational readiness. Easypaisa Bank Limited has now successfully met all requirements and is authorized to launch commercial DRB operations.
Representatives from Easypaisa Bank’s Board of Directors shared their vision for driving innovation in digital financial services, expressed gratitude to SBP for its support, and reaffirmed their commitment to setting new standards in customer-centricity and technological advancement in Pakistan’s financial sector.
