Pakistan’s financial landscape is witnessing a revolutionary shift with the launch of easypaisa Digital Bank, the country’s first-ever Digital Retail Bank (DRB). The announcement was made following the receipt of commercial approval from the State Bank of Pakistan (SBP), marking a significant milestone for the financial sector. Telenor Microfinance Bank has now been officially converted into easypaisa Digital Bank (registered as easypaisa Bank Limited), underlining the evolution of mobile-based financial services in Pakistan.
At a press conference held on Tuesday, Irfan Wahab Khan, Chairman of the Board of easypaisa Digital Bank, highlighted the momentous achievement and the transformative role the bank is poised to play in Pakistan’s digital banking ecosystem. “This is a monumental milestone that reinforces easypaisa’s position as a trailblazer in the financial sector,” said Wahab. He further revealed that since its inception, Telenor Group and Ant Group have invested $391 million in easypaisa, fueling the bank’s expansion into the digital space.
From its humble beginnings as Pakistan’s first branchless mobile money transfer solution, easypaisa has grown into the country’s first digital bank, offering a comprehensive range of financial services. The transition to a digital-first model means customers will now have access to banking services entirely online, eliminating the need for traditional in-branch visits. This shift is expected to make banking more accessible and convenient for millions of Pakistanis, especially those in remote areas.
In addition to its status as a digital bank, easypaisa has established itself as a critical player in Pakistan’s financial ecosystem. With 50 million registered users—roughly one in four Pakistani adults—the bank has already made a significant impact on the nation’s financial inclusion efforts. Notably, 31% of its user base consists of women, and in 2024 alone, easypaisa processed 2.7 billion transactions valued at Rs 9.5 trillion (approximately 9% of Pakistan’s GDP).
“With easypaisa digital bank, we are positioned to provide secure, seamless, and robust digital banking experiences to millions of Pakistanis,” Wahab said, emphasizing the bank’s capacity to expand access to financial services across the country.
One of the most exciting aspects of easypaisa Digital Bank is its ability to introduce new and innovative products that were previously unavailable in Pakistan’s banking sector. These include digital term deposits (TDRs), digital lending options, and a wide range of services such as digital current and savings accounts, wealth management tools, international remittances, and credit and debit cards—all accessible through mobile phones. These offerings are expected to further enhance the accessibility of digital banking in Pakistan, meeting the needs of a diverse audience.
Wahab also expressed gratitude to the SBP and the exceptional easypaisa team for making this vision a reality. “This marks a new chapter in Pakistan’s financial services sector, and we’re proud to be at the forefront of this change,” he added.
Douglas Feagin, Director on the Board of easypaisa Digital Bank and President of Ant International, emphasized the importance of this milestone. “Ant Group looks forward to further supporting easypaisa in driving financial inclusion and contributing to economic progress in Pakistan,” Feagin stated.
Jahanzeb Khan, CEO & President of easypaisa Digital Bank, reinforced the company’s commitment to providing innovative financial solutions. “We are not just launching a digital bank, but creating unprecedented access to banking for millions of customers, empowering them with convenient and comprehensive financial services at their fingertips,” said Khan.
The shareholders of easypaisa Digital Bank are Telenor Group, which holds a 55% stake, and Ant Group, which holds a 45% stake. The partnership between these two global entities positions easypaisa Digital Bank as a key player in Pakistan’s drive towards greater financial inclusion and digital innovation.
As easypaisa Digital Bank embarks on its commercial operations, it promises to redefine the future of banking in Pakistan, offering a glimpse into the digital financial services landscape of tomorrow.