Telenor Microfinance Bank

Telenor Microfinance Bank
FormerlyTameer Microfinance Bank
Company typePrivate
IndustryFintech
Founded2006; 18 years ago (2006)
HeadquartersKarachi, Pakistan
Key people
Mohammad Mudassar Aqil (President & CEO)
Products
  • Easypaisa (Digital Payments/Lending platform)
ParentTelenor Group
Ant Group

Telenor Microfinance Bank, (ٹیلی نار مائیکرو فنانس بینک) formerly Tameer Microfinance Bank, is a Pakistani microfinance 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.[1]

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.[2] Mohammad Mudassar Aqil is the current President & CEO of the bank.[3]

History

In November 2008, Telenor Pakistan acquired 51 percent shares in Tameer Microfinance Bank for $12.5 million.[4] In March 2016, Telenor Pakistan acquired the remaining 49 percent shares of Tameer MicroFinance Bank for an undisclosed sum.[1][5]

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 microfinance bank.[6] In November 2018, the Competition Commission of Pakistan approved Alipay's – a subsidiary of Ant Financial – acquisition of 45% shareholding in the microfinance bank for $184.5 million.[7][8]

In November 2021, the board of MCB bank approved to conduct due diligence to buy 55% shares of Telenor Microfinance Bank.[9][10][11]

Financial Performance

For the year 2021, Telenor Microfinance Bank has posted a loss of Rs 10 billion.[12]

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.[13]

See also

References

  1. ^ a b "Telenor buys Tameer Bank". The Express Tribune. 17 March 2016.
  2. ^ Report, Annual (2020). Annual Report 2019 (PDF). Telenor Microfinance Bank. pp. 9–10.
  3. ^ "Mudassar Aqil appointed CEO of Telenor Microfinance Bank". IBEX. 2019-11-14. Retrieved 2020-10-23.
  4. ^ "Telenor acquires 51 percent shares of Tameer Microfinance Bank". Aaj News. November 22, 2008.
  5. ^ "Telenor acquires Tameer Bank". Business Recorder. March 18, 2016.
  6. ^ "Telenor Bank: Chinese group to invest $184.5m". The Express Tribune. 14 March 2018.
  7. ^ "CCP approves Alipay's 45% stake in Telenor Microfinance Bank". The Express Tribune. November 8, 2018.
  8. ^ "ٹیلی نار پاکستان اور ٹیلی نار مائیکرو فائنانس بینک کا بے نظیر انکم سپورٹ پروگرام کے ساتھ معاہدہ بی آئی ایس پی سے مستفید ہونے والے مستحق افراد کو کاروباری مواقع اور چھوٹے قرضوں کے ذریعے بااختیار بنایا جائے گا". UrduPoint. Retrieved 2023-03-22.
  9. ^ "MCB to buy 55pc shares in Telenor Microfinance Bank". www.thenews.com.pk. Retrieved 2021-11-04.
  10. ^ Alam, Kazim (2021-11-03). "MCB eyes majority stake in TMBL". DAWN.COM. Retrieved 2021-11-04.
  11. ^ Desk, BR Web (2021-11-02). "Purchase of 55% shares in Telenor Microfinance Bank: MCB Bank approves due diligence". Brecorder. Retrieved 2021-11-04.
  12. ^ "Losses continue for Telenor Microfinance Bank". Profit by Pakistan Today. 2022-03-31. Retrieved 2022-03-31.
  13. ^ "About Easypaisa". Easypaisa. Retrieved 2020-10-23.
Stub icon

This Pakistani corporation or company article is a stub. You can help Wikipedia by expanding it.

Retrieved from "https://en.wikipedia.org/w/index.php?title=Telenor_Microfinance_Bank&oldid=1204525391"