Ericsson, Telenor Bank extend partnership to advance financial inclusion in Pakistan

Ericsson (NASDAQ: ERIC) and Telenor Microfinance Bank (TMB) have reaffirmed their commitment to enhancing financial inclusion in Pakistan through a multi-year extension of their partnership. This collaboration is set to further develop TMB’s easypaisa platform, propelling the fintech sector forward by expanding its financial services offerings.

Central to this partnership is the deployment of Ericsson‘s Wallet Platform, a leading fintech solution poised to support TMB’s evolution into a Digital Bank, pending regulatory approvals. This modernization effort represents a pivotal step in TMB’s ambition to become a digital banking leader in Pakistan, offering a broad spectrum of innovative digital financial services.

The Ericsson Wallet Platform, known for its robust security technologies and open architecture, facilitates secure, convenient banking and payment transactions. It enables easypaisa customers to manage funds, make payments, and access financial services such as loans and insurance directly from mobile devices. This initiative is expected to empower millions of Pakistanis with financial freedom and stability.

Ericsson and Telenor Microfinance Bank Renew Partnership to Boost Financial Inclusion in Pakistan

Kashif Ahmed, Acting CEO and President of Telenor Microfinance Bank and easypaisa, highlighted the mission to foster a financially inclusive Pakistan. “With our advanced technology, powered by the Ericsson Wallet Platform, we aim to emerge as a leading Digital Bank, offering new and innovative digital financial services to millions of Pakistanis. This strategic collaboration is set to transform the financial landscape across Pakistan,” Ahmed stated.

Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, echoed this sentiment. “Our partnership with Telenor Microfinance Bank aligns with our vision to boost fintech innovation, driving financial inclusion and empowerment in Pakistan. The Ericsson Wallet Platform will connect easypaisa customers with comprehensive banking and fintech services, marking a significant leap towards financial inclusion and economic growth in the country,” said Wallis-Brown.

This partnership between Ericsson and TMB underscores a long-standing collaboration aimed at accelerating financial inclusion in Pakistan. With over 40 million registered mobile accounts, easypaisa leads Pakistan’s digital financial services, demonstrating the effectiveness of this collaborative effort. The partnership’s success is evident in the statistic that one in every four adults in Pakistan now has a registered easypaisa account, showcasing the platform’s vast reach and impact.