Lahore November 2 2021: The Board of Directors of the MCB Bank in its meeting held on October 27, 2021 has accorded its in-principle approval to conduct a due diligence for a potential transaction for the purchase of 55% shares of M/s Telenor Microfinance Bank Limited held by Telenor Pakistan BV.
Telenor Microfinance Bank Limited is currently operates under the Easypaisa brand name.
However, the transaction is subject to the permission granted by the State Bank of Pakistan (“SBP”) or any other regulatory authority.
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Telenor is the first scheduled microfinance bank of Pakistan that is designed to operate as a fintech. Our aim is to promote financial inclusion by empowering all Pakistanis to adapt convenient and secure digital financial solutions through our flagship digital payments platform Easypaisa.
Telenor Microfinance Bank is jointly owned by Telenor Group the leading telecommunications company across Scandinavia and Asia with 174 million customers, and Ant Group, operator of the world’s leading payment and lifestyle platform Alipay that’s also an affiliate company of Alibaba Group.
In 2009, Telenor launched Easypaisa – Pakistan’s first mobile money transfer service. Since then, financial services has become a vibrant new business area for Telenor Group with approximately 20 million active customers in several countries, and a broad service portfolio covering services such as simple money transfers to digital payments and banking.