Easypaisa to lead Pak’s Fintech revolution with Telenor and Alipay support as it became the first digital retail bank to receive commercial approval from SBP.
With strong backing from Pakistan’s telecommunications giant Telenor and China’s leading digital payments platform Alipay (Ant Financial), Easypaisa is poised to drive Pakistan’s fintech revolution and digital transformation. On January 28, 2025, it became the first digital retail bank in the country to receive commercial approval from the State Bank of Pakistan (SBP) for digital banking operations. The official licensing ceremony was held at SBP.
Telenor CEO Irfan Wahab Khan hailed this as a landmark achievement for Pakistan’s financial sector, stating, “Easypaisa has officially become Pakistan’s first digital retail bank!” He highlighted the company’s transition from a fintech pioneer to a fully-fledged digital bank as a significant step toward advancing financial inclusion in the country.
Originally envisioned as a financial inclusion initiative, Easypaisa has grown into a profitable entity, managing transactions equivalent to 9% of Pakistan’s GDP. With 50 million registered users—one in four adult Pakistanis holding an Easypaisa account—it has established one of the largest financial networks in the country. Also, Wahab expressed gratitude to SBP and other stakeholders for their visionary leadership.
Acknowledging the dedication of Easypaisa’s teams, he noted that they processed PKR 9.5 trillion in transactions in 2024 alone. He also reiterated the company’s commitment to Pakistan’s digital future and hinted at upcoming innovative financial solutions designed to earn customer trust.
Douglas Feagin, a director on the board of Easypaisa Digital Bank and a senior executive at Ant Group, emphasized that Easypaisa’s transformation into a digital bank is a milestone for Pakistan’s financial services sector.
Furthermore, Easypaisa operates as the branchless banking arm of Telenor Microfinance Bank, a joint venture between Telenor Group—one of the largest telecom companies in the Nordics and Asia with 186 million customers—and Ant Group, an affiliate of Alibaba Group that runs Alipay, the world’s leading open digital lifestyle platform.
Moreover, Ant Group has played a crucial role in Pakistan’s financial sector by investing USD 184.5 million to acquire a 45% stake in Telenor Microfinance Bank.
Consequently, this partnership has strengthened the Easypaisa platform, making it the largest branchless banking service for individuals and small businesses in Pakistan.
Leveraging Alipay’s advanced technology, this collaboration further aims to expand financial services to the country’s unbanked and underbanked populations. By providing secure, transparent, cost-effective, and efficient financial solutions, Easypaisa is set to revolutionize digital banking in Pakistan.
Related Posts
China’s leading finance company launches its new fintech platform in Pakistan
