Telenor Microfinance Bank, () formerly Tameer Microfinance Bank, is a Pakistani
microfinance
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...
bank which is based in
Karachi,
Pakistan. It was founded in 2006 by Nadeem Hussain as Tameer Microfinance Bank which was later acquired by
Telenor Pakistan.
Telenor Microfinance Bank is jointly owned by
Telenor Group, the leading telecommunications company across the Nordics and Asia with 186 million customers, and
Ant Group, an affiliate company of Alibaba Group and the operator of a digital lifestyle platform, Alipay. With a distribution network of over 150 thousand agents and touchpoints nationwide, Telenor Microfinance Bank is one of the largest microfinance banks of Pakistan. Mohammad Mudassar Aqil is the current President & CEO of the bank.
History
In November 2008,
Telenor Pakistan acquired 51 percent shares in Tameer Microfinance Bank for $12.5 million. In March 2016, Telenor Pakistan acquired the remaining 49 percent shares of Tameer MicroFinance Bank for an undisclosed sum.
In March 2018, a memorandum of understanding was signed between the
Telenor Group and the
Ant Group for a strategic partnership agreement according to which the Ant Financial was to invest $184.5 million in the micro-finance bank. In November 2018, the
Competition Commission of Pakistan approved
Alipay's – a subsidiary of Ant Financial – acquisition of 45% shareholding in the micro-finance bank for $184.5 million.
In November 2021, the board of
MCB bank approved to conduct due diligence to buy 55% shares of Telenor Microfinance Bank.
Financial Performance
For the year 2021, Telenor Microfinance Bank has posted a loss of Rs 10 billion.
Products
Easypaisa, Pakistan’s first mobile banking platform launched in 2009, is the only GSMA mobile money certified service in the country. Initially launched as a money transfer service.
Easypaisa is part of Telenor Microfinance Bank and operates as a branchless banking service.
See also
*Other financial services operated by
Telenor
Telenor ASA ( or ) is a Norwegian majority state-owned multinational telecommunications company headquartered at Fornebu in Bærum, close to Oslo. It is one of the world's largest mobile telecommunications companies with operations worldwide, ...
:
**
vcash
vcash was a Malaysian digital wallet and online payment platform established in Shah Alam in November 2017, by Digi Telecommunications, a subsidiary of Telenor Group. vcash allowed users to make payments in local stores via a QR code, pay bills, ...
, former
e-wallet service in
Malaysia
**
Mobi Banka
Mobi Banka, formerly known as Telenor Banka, is a commercial bank based in Belgrade, Serbia. It was founded in 2014 upon the acquisition of KBC Banka in Serbia, by Telenor Serbia, one of the largest telecommunications operators in the country.
His ...
in
Serbia
References
Telenor
Alibaba Group
2008 mergers and acquisitions
Companies based in Karachi
Mergers and acquisitions of Pakistani companies
Microfinance banks in Pakistan
Pakistani subsidiaries of foreign companies
Joint ventures
Banks established in 2006
Pakistani companies established in 2006
Privately held companies of Pakistan
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