Telenor Microfinance Bank taps Ericsson to expand easypaisa

Details: John Tanner; Category: Mobile Finance; 26 February 2024; 16986 views

Ericsson and Telenor Microfinance Bank (TMB) have signed a multi-year extension of their existing partnership to expand TMB’s mobile wallet easypaisa and establish TMB as a full-fledged digital bank in Pakistan.

Under the extended partnership, TMB said it will leverage the Ericsson Wallet Platform to launch a wide range of new and innovative digital financial services in Pakistan.

Michael Wallis-Brown, head of mobile financial services at Ericsson, said the reinforced partnership with TMB will focus on accelerating fintech innovation and developing revenue-generating service offerings in Pakistan.

“Leveraging the Ericsson Wallet Platform, we aim to connect easypaisa customers with banking and advanced fintech services, providing transformative technologies to enhance capabilities and offering secure, user-friendly easypaisa services and mobile financial offerings.”

Kashif Ahmed, acting CEO and president of TMB and easypaisa, said that modernising the easypaisa platform signifies “a crucial juncture” in TMB’s journey towards becoming a digital bank in the country, subject to regulatory approvals.

“We aim to position ourselves as a leading digital bank providing a spectrum of new and innovative digital financial services for millions of Pakistanis,” he said in a statement. “With this strategic collaboration, our unified goal is to reshape the financial landscape across Pakistan and develop an inclusive ecosystem that benefits the entire country.”

TMB said easypaisa currently has over 40 million registered mobile accounts and counting.

Meanwhile, Ericsson said its Ericsson Wallet Platform supports over 400 million registered mobile wallets and processes more than 2.8 billion transactions worth over US$40 billion monthly through CSPs and financial institutions around the world.