In a historic milestone for Pakistan’s banking sector, the State Bank of Pakistan (SBP) has awarded the country’s first Digital Retail Bank (DRB) license to Easypaisa Bank Limited, formerly known as Telenor Microfinance Bank Limited. The official licensing ceremony took place at the SBP headquarters in Karachi, where SBP Governor Mr. Jameel Ahmad formally authorized the bank to commence commercial operations. This development is expected to accelerate digital transformation, enhance financial inclusion, and expand access to affordable and innovative banking solutions for millions across the country.
The event was attended by CEOs of digital banks, members of the Executive Committee of the Pakistan Banks’ Association, the Board of Directors and senior management of Easypaisa Bank Limited, as well as senior executives of SBP. In his keynote address, Governor Jameel Ahmad emphasized SBP’s strategic role in establishing the framework for digital banking in Pakistan and fostering the development of digital banks through a structured licensing process. He urged Easypaisa Bank Limited to leverage its association with Ant Group—one of its key sponsors—to drive the digital transformation of small and medium enterprises (SMEs) in Pakistan.
Governor Ahmad further stressed the importance of financial innovation, encouraging digital banks to develop customer-centric solutions tailored to the needs of individuals, micro, small, and medium enterprises (MSMEs), and underserved segments of society. He also underscored the critical role of digital literacy and cybersecurity in ensuring the security and trustworthiness of Pakistan’s evolving digital banking ecosystem. With rapid advancements in financial technology, he highlighted the need for robust security measures to protect consumer data and maintain the integrity of the financial system.
Easypaisa Bank Limited’s licensing marks a key milestone in Pakistan’s journey toward a more digitalized financial sector. The institution is now expected to introduce cutting-edge financial services, leveraging technology to reach customers who previously lacked access to traditional banking solutions. The bank aims to set new benchmarks in digital banking by offering seamless, innovative, and customer-focused financial products.
The journey towards digital banking in Pakistan began in January 2023, when SBP issued No Objection Certificates (NoCs) to five successful applicants: HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited, and Easypaisa Bank Limited. These entities were selected through a rigorous evaluation process assessing governance structures, industry expertise, financial strength, business strategies, operational frameworks, funding plans, and IT and cybersecurity infrastructure. By September 2023, the five digital banks received In-Principle Approval (IPA) to prepare for operational readiness, and now, with all conditions met, Easypaisa Bank Limited has become the first to receive full authorization to launch commercial operations.
During the ceremony, members of Easypaisa Bank Limited’s Board of Directors expressed their gratitude to the State Bank of Pakistan for its guidance and support. They reaffirmed their commitment to driving digital financial inclusion, setting new industry standards for technological innovation, and ensuring that digital banking solutions remain accessible and affordable for all.
With this pioneering step, Easypaisa Bank Limited is poised to transform Pakistan’s banking landscape by offering a fully digital, branchless experience, helping bridge the financial inclusion gap, and shaping the future of digital banking in the country.