Ericsson (NASDAQ: ERIC) has partnered with Telenor Microfinance Bank (TMB) to complete a significant tech upgrade to the Ericsson Mobile Financial Services platform, which powers Easypaisa, Pakistan’s leading digital financial service provider. The upgrade has transitioned Easypaisa’s platform to the latest cloud-native version, built on a modern, open-architecture framework. This updated system features a comprehensive range of Application Programming Interfaces (APIs) and advanced functionalities designed to enhance the digital financial experience for millions of users across the country.
With this upgrade, Easypaisa is now able to offer faster, more secure, and personalized financial services, boosting its position in the realm of digital banking and financial inclusion. The platform’s improved capabilities allow Easypaisa to innovate further, introduce new digital financial products, and expand its services to meet the growing demand for financial solutions in Pakistan. This upgrade also aligns with Telenor Microfinance Bank’s ongoing Digital Retail Bank transformation efforts, which are subject to approval from the State Bank of Pakistan (SBP).
The revamped platform will help Easypaisa drive fintech innovations that support the nation’s evolving digital economy. It opens new revenue streams and enables the platform to scale its operations, providing more seamless and efficient financial services to its users. Easypaisa has been instrumental in Pakistan’s financial inclusion journey, and this upgrade positions it to continue leading that charge, especially in rural and underserved regions.
Mohammad Hasan Ayaz, Chief Technology Officer at Telenor Microfinance Bank/easypaisa, emphasized the importance of this upgrade, stating, “This upgrade marks a significant milestone for Easypaisa’s tech stack. By adopting cloud-native technologies through Ericsson’s Mobile Financial Services platform, Easypaisa can scale its operations, drive new business lines, and continue playing a pivotal role in shaping the future of digital banking in Pakistan. Our mission remains focused on financial inclusion for millions across the country.”
Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, expressed excitement about the partnership, noting, “Ericsson’s Mobile Financial Services platform has been at the forefront of mobile money and digital wallets for over a decade. Our cloud-native platform will allow Easypaisa to scale rapidly and deliver seamless mobile financial services in a country with an evolving fintech landscape. This deployment is a testament to our strong partnership with TMB and our shared goal of advancing financial inclusion and empowering individuals and businesses through digital banking.”
The upgrade further solidifies the long-standing partnership between Ericsson and Telenor Microfinance Bank, as both companies work together to empower Pakistan’s growing digital economy. Easypaisa, which has consistently led the digital financial revolution in Pakistan, will now be equipped with the technological infrastructure needed to continue providing innovative financial solutions to millions of Pakistanis.
Telenor Microfinance Bank remains committed to harnessing the power of collaboration and technology to foster financial inclusion and empower individuals by giving them greater access to essential financial services. This upgrade is seen as a critical step towards creating a transparent, digitally inclusive economy, contributing to the vision of a truly “Digital Pakistan.”
Through this partnership, both Ericsson and Telenor Microfinance Bank aim to transform lives by ensuring that people, particularly in underserved areas, benefit from reliable and efficient digital banking services, enabling them to participate in Pakistan’s growing fintech ecosystem.