Press release: ‘Easypaisa Loan’, Pakistan’s First Digital Nano Loan Launched By Telenor Microfinance Bank
In continuation of its effort to increase financial inclusion, as part of the Government of Pakistan’s National Financial Inclusion Strategy of 2015 and the Strategic Goals of SBP’s vision 2020,Telenor Microfinance Bank has launched ‘Easypaisa Loan’, the country’s first ever Digital Nano Loan. The loan is processed and transferred to the customer’s Easypaisa account (mWallet) within 2 minutes conveniently without the need to visit a branch or fill out paperwork.
This innovative service is aimed at the common man who has no access to formal loans or banking services. It enables easy access to working capital requirements for farmers, self-employed individuals, street hawkers, and home-based workers. It also works as an effective tool in creating financial literacy by incentivizing positive credit behavior through access to better borrowing terms.
“We continue to take the lead in innovating financial solutions and our aspiration is to enable a better lifestyle for the people of Pakistan. With the Easypaisa Loan, we have established instant digital lending in Pakistan to meet the demand for easily accessible nano loans.” said Shahid Mustafa, President & CEO, Telenor Microfinance Bank. “Since our inception, we have been extending formal financial services to the large majority of Pakistan’s population that was previously working with the informal sector. This has helped in creating real and lasting financial inclusion. Driven by our mission of empowering societies, we will continue to introduce, customized technology-based solutions that truly help the common man in Pakistan.
This service makes the Easypaisa mobile payment & lifestyle platform a fully integrated and user centric solution which is convenient to use, extremely secure and instantly accessible. Easypaisa continues to expand its value proposition with its exceptional attention to the customers’ social needs. It’s a groundbreaking innovation, which is likely to have a significant and positive impact on financial inclusion in Pakistan in addition to setting the stage for similar products to follow.
Photo courtesy of Institute for Money, Technology and Financial Inclusion.