Karachi March 2 2023: Pakistan State Oil Company Limited (PSO) is interested to buy Easy Paisa but has not taken any concrete step, according to company filing to the exchange.
“Whenever things will materialize regarding Easy Paisa, company will share it with investors” says Company Chairman Mr. Zafar. I. Usmani.
However, Pakistan State Oil Company Limited (PSO) has no internet or desire of acquiring Norway’s Telenor businesses in Pakistan.
“PSO has no interest or desire of acquiring Telenor Pakistan. However, with respect to Easy Paisa, PSO has not taken any concrete step” Says the statement.
easypaisa, Pakistan’s first mobile banking platform launched in 2009, is the only GSMA mobile money certified service in the country. Initially launched as a money transfer service, easypaisa empowers underserved masses by bringing convenience and freedom to their lives, and has today become the category name for money transfers, synonymous with convenience and reliability.
Telenor MFB (‘the Bank’), associated with robust sponsors, is a mid-tier player in Pakistan’s microfinance sector with ~2.5% share in total gross loan portfolio as at End-Dec’21. The bank’s strategic vision is focused towards digitization with notable developments underway for growth of the branchless platform, ‘Easypaisa’. Ambition of a sustainable consumer platform rests upon increasing acquisition, retention and transactional throughput in branchless banking (BB) wallet accounts.
With the largest footprint in the country, constant innovation, an ever-growing range of ground-breaking digital solutions and the easypaisa app, easypaisa is turning into a complete lifestyle platform which enables people across Pakistan to truly adopt the digital way of life. easypaisa is part of Telenor Microfinance Bank and operates as a branchless banking service. easypaisa is driven by the bank’s vision and mission of transforming the financial landscape of the country and providing instant access to convenient digital financial services.
Telenor Microfinance Bank Limited currently operates with a nationwide network of 87 branches. Telenor Pakistan B.V (Telenor Group) and AliPay (Hong Kong) Holding Limited (Ant Financial) hold ~55% and ~45% shareholding in the bank, respectively. Currently three directors, including the Chairman – Mr. Irfan Wahab, represent the Telenor Group. Likewise, Ant Financial is represented by three directors, while two directors on the board are independent. In October 2019, Mr. Mudassar Aqil (formerly the Chief Executive of FINCA MFB), took charge as the CEO of the bank, carrying with him over two decades of experience in the banking industry.
