Telenor, multinational telecom giant extend partnership to boost easypaisa

February 23, 2024 (MLN): Telenor Microfinance Bank (TMB) and Ericsson (NASDAQ: ERIC) have signed a multi-year extension of their partnership to propel easypaisa’s financial services offerings and expand the horizon of their service portfolio within the fintech sector.

Ericsson is a multinational networking and telecommunications company headquartered in Stockholm, and listed on the US Nasdaq index.

The continuation of this partnership demonstrates Ericsson's commitment to financial inclusion and empowerment in Pakistan.

According to a press release issued on Thursday, Ericsson’s leading fintech solution, the Ericsson Wallet Platform, will support TMB in its journey towards a Digital Bank (subject to regulatory approvals) by offering a wide range of new and innovative digital financial services in Pakistan.

Easypaisa platform's modernization and expansion signifies a crucial juncture in TMB’s growth towards becoming a digital bank in the country.

Built on cutting-edge security technologies, guided by an open architecture framework and a wide range of Application Programming Interfaces (APIs), the Ericsson Wallet Platform enables individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile or smart devices.

Easypaisa customers can securely manage funds, pay merchants and utility providers, and access loans and insurance services with ease and affordability, promoting financial freedom and stability.

Commenting on the recent development,  Acting Chief Executive Officer and President, TMB & easypaisa Kashif Ahmed said that TMB and easypaisa are committed to enabling a financially inclusive and empowered Pakistan. 

“With our state-of-the-art in-house technology, powered by the Ericsson Wallet Platform, 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 added.

With this strategic collaboration, their unified goal is to reshape the financial landscape across Pakistan and develop an inclusive ecosystem that benefits the entire country.

The Ericsson Wallet Platform supports over 400 million registered mobile wallets and processes more than 2.8bn transactions worth over $40bn monthly through communication service providers and financial institutions globally.

Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, said, "Our partnership with Telenor Microfinance Bank signifies a shared vision to intensify efforts to accelerate fintech innovation, contributing to the financial inclusion and empowerment 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,” he added.

The Head of Ericsson’s Mobile Financial Services further stated, “We are committed to driving financial inclusion and economic growth while delivering seamless mobile financial solutions tailormade to suit the needs of the dynamic digital age of today."

Ericsson and TMB have been successfully collaborating for many years to accelerate and increase financial inclusion and empowerment in Pakistan.

The innovative products and services offered by TMB & easypaisa cater to the unique needs of all segments of Pakistan with evidence from the fact that one in every four adults in Pakistan has a registered easypaisa account.

With over 40m registered mobile accounts and counting, easypaisa continues to lead Pakistan’s digital financial services landscape, dedicated to fostering financial inclusion through the power of collaboration and technology.

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