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Easypaisa Introduces Mobile Accounts
Islamabad. 24th Feb 2010. Tameer Microfinance Bank and Telenor Pakistan announced a first of its kind product in Pakistan, offering transactions through the customer's own mobile phone. 'Mobile Account' is the third in the suite of services being offered under the banner of easypaisa. Mobile Accounts will provide utility bill payment, money transfer and cash in / cash out services through customer's Telenor connection. Customers will be able to carry out deposits and withdrawals from any of the 5500+ easypaisa Retail Merchants, 23 Sales and Service Centers, 50 Tameer Microfinance Bank Branches and 225 Telenor Franchises from all over the country.
CEO Tameer Microfinance Bank, Nadeem Hussain considers the launch of Mobile Account a defining moment in providing financial empowerment to the masses. "Through our over the counter services, we have already broken new grounds in terms of access to financial services. With Mobile Account we now empower the consumer to take charge of his own financial destiny".
Chief Executive Officer Telenor Pakistan Jon Eddy Abdullah said, "We have been delighted with the success of Bill Payment and Money Transfer. With close to 420,000 bill payment transactions since launch and more than 120,000 Money Transfer transactions within a few months' time, international media, such as CNN have termed easypaisa, the model for the future. I am confident that Mobile Account will generate even more interest by providing increased convenience to the customer."
Mobile Accounts can be opened by any Telenor subscriber from any Telenor Sales & Service Center, Telenor Franchise or Tameer Bank Branch by presenting original CNIC. Initially Mobile Account customers will be able to carry out bill payment, money transfer and deposits & withdrawals through their mobile account. Upcoming services include fund transfers to any bank in Pakistan, withdrawals through ATM cards, payment of Telenor Persona bills, purchase of easyload and receiving International Remittances from abroad.
Considering that 89% of adult population in Pakistan is unbanked and 62% use mobile phone services, easypaisa aims to provide financial inclusion for the urban as well as the rural population. The vision of easypaisa is to bring the bank to the customer, providing ease, convenience, accessibility and reliability.
Tameer Microfinance Bank & Telenor Pakistan launch ‘Money Transfer’ service
Islamabad, 19th November 2009. Tameer Microfinance Bank and Telenor Pakistan have announced launch of Money Transfer, the second in a suite of products being offered under easypaisa. Money Transfer is a secure, easy and convenient way of sending and receiving domestic remittances through easypaisa retail outlets. Users will have the convenience to access the service from more than 4,000 easypaisa merchants, a figure expected to reach 20,000 by the end of year 2010.
CEO Tameer Microfinance Bank, Nadeem Hussain considers domestic remittances a key point in providing financial access to the rural population. “Remittance flow plays a valuable role in supporting the economy. It also offers significant potential to support income of poor and vulnerable groups. Remittances are often the first and sometimes the only financial service used in low income households. Hence the potential for an accessible banking agent in remote areas of the country is immense.” He said.
At the launch of Money Transfer, CEO Telenor Pakistan Jon Eddy Abdullah said, “Providing Money Transfer service is the next step in the development of easypaisa as a unique branchless banking solution. World Bank estimates the domestic transfer volume in Pakistan to be at $6.95 billion per year. Through this service we not only aim to target all current users of domestic remittance services but also to help bring some portion of $ 2 to $ 4 billion transacted through informal channel into mainstream.”
Tameer's original branchless banking pilot was developed in partnership with the technology program at Consultative Group to Assist the Poor (CGAP), a microfinance center housed at the World Bank. The program is supported by the Bill & Melinda Gates Foundation.
Telenor Pakistan & Tameer Microfinance Bank's easypaisa portfolio, which now includes Bill Payment solution and Money Transfer, is scheduled to come up with services such as, mobile wallet accounts, cash deposits and withdrawal facilities in near future. The services offer innovation, freedom, security and convenience.
Media Clarification
Islamabad, November 05, 2009: Recently, media has reported that IESCO and LESCO have asked their customers to not deposit their bills at Tameer Microfinance Bank's easypaisa retailers. IESCO and LESCO have taken the position that they do not have an agreement with Tameer Microfinance Bank for bill collection through this channel.
Tameer Microfinance Bank has a contract with KASB authorizing it to collect bills and deposit them through KASB's aggregator service. Tameer Microfinance Bank entered into an electronic bill collection arrangement with KASB Bank under their "eUBS" service in 2007. This Service Level Agreement was enhanced in February 2009 to cater for its Branchless Banking approval. The channels covered under this arrangement include IVR, ATM, Call Center, POS and other Over the Counter (OTC) modes. We would like to highlight that all utility companies, which have electronic billing arrangements with KASB have been made available to member banks as well. Therefore, Tameer Microfinance Bank rightly availed this electronic collection under its umbrella agreement with KASB.
As per contract, KASB is responsible for all negotiations and arrangements with utility companies, and we are asking them to resolve this issue with IESCO and LESCO as soon as possible.
In the interest of our valued customers, Tameer Microfinance Bank and Telenor Pakistan have decided to temporarily suspend the service from IESCO at easypaisa merchants. This service will be resumed as soon as the agreement issues between IESCO and Tameer Microfinance Bank are resolved.
Tameer Microfinance Bank and Telenor Pakistan would like to reassure all easypaisa customers who have already paid their IESCO and LESCO bills that their amounts have safely been deposited with the relevant utility companies. Furthermore, our dedicated helpline, 111-345-100 is available 24/7, to address any customer concerns related to easypaisa or previous transactions. Customers are requested to contact with their transaction ID.
Telenor Pakistan & Tameer Microfinance Bank launch ‘easypaisa’
Islamabad, 15th October 2009. Telenor Pakistan and Tameer Microfinance Bank together have announced the launch of easypaisa, a uniquely convenient and safe way for everyone to carry out financial transactions. easypaisa users will have the freedom to make bill payments and send and receive money at thousands of outlets and in addition manage their bank accounts over their mobile phones. easypaisa combines the best from the financial and mobile sectors, offering the first branchless banking solution of its kind in Pakistan and neighboring countries.
Presiding over the easypaisa launch event, Governor State Bank of Pakistan, Syed Salim Raza in his address emphasized government’s focus on promoting financial access in the country. He said, “Helping people to get access to financial services is central to improving their livelihood. Branchless banking has been used internationally as a successful tool to reach customers who cannot be served by conventional branch-based financial services. That is why State Bank has been very supportive of innovative synergies in this field, a prime example of which is easypaisa by Tameer Microfinance Bank and Telenor Pakistan.”
Director Telecom, Ministry of Information Technology & Telecommunications, Mudassar Hussain highlighted the critical role mobile industry has to play in providing financial access to the un-banked. He said, “The total life of mobile industry in Pakistan is less than 20 years while formal banking channels have been around for some 60 years. However, interestingly, in comparison to more than 90 million mobile subscriptions, the number of bank accounts is less than 30 million. The Ministry is of the view that this presents an immense opportunity for the mobile industry to add value to the financial sector and serve the un-banked. We have been actively supporting the consultation process and hope that easypaisa becomes a resounding success story for the industry and country.”
Chief Executive Officer, Telenor Pakistan, Jon Eddy Abdullah called easypaisa a revolutionary solution. He said, “easypaisa will allow users across the board to access convenient and secure financial services. In an environment where only 12% of adult population is formally served with financial services, easypaisa will promise tremendous financial empowerment. It will provide opportunity for everyone to utilize well-priced, secure, and efficient financial services at the corner store without opening a bank account, or through ones own handset with a Tameer Microfinance Bank account depending on the transaction type. The inclusion into the general economy will create opportunities to save, pay for services more efficiently without the loss of productivity, and to utilize more advanced financial instruments in the future.
Chief Executive Officer, Tameer Microfinance Bank, Nadeem Hussain talked about how branchless banking can help the low-income customer segment currently served by Tameer Microfinance Bank. “Tameer has been a pioneer in scalable retail micro finance operations with initial focus on lending. Tameer has always embraced new technologies to lower operating costs. Mobile phones – along with other technologies and banking agents are beginning to offer the opportunity of giving financial services to the many millions of people and low cost who have never had a bank account.”
Telenor Pakistan & Tameer Microfinance Bank’s easypaisa portfolio, initially launched with Bill Payment solution, is scheduled to come up with services such as money transfer, mobile wallet accounts, cash deposits and withdrawal facilities in near future. The services are for everyone offering innovation, freedom, security and convenience.
About Telenor Pakistan
The Telenor Group is an international provider of high quality tele, data and media communication services with mobile operations in 13 markets across the Nordic region, Central and Eastern Europe and in Asia. The Telenor Group is among the largest mobile operators in the world with over 168 million mobile subscriptions and a workforce of more than 40,000. Telenor Pakistan is 100% owned by Telenor ASA and adds on to its operations in Asia.
Growth comes from truly understanding the needs of people to drive relevant change.
About Tameer Microfinance Bank
Tameer Microfinance Bank, a fast growing microfinance bank licensed by State Bank of Pakistan in August 2005, rated A- (single A minus) and A-2 (A two) by JCRVIS, has a current network of 31 on-line branches and 35 on-line sales & service centers across Sindh and Punjab. It has given new complexion to the microfinance sector by induction of innovative technology driven financial services to the under-served population through choice of bank tellers, ATM machines and Point of Sale (POS) terminals. Its product set includes loans, deposits, overdrafts, insurance, payments and domestic remittances. Since inception, Tameer has disbursed more than Rs 3.5 billion with an active portfolio of Rs. 1.4 billion and over 70,000 loan customers with delinquency trend of under 2% supported with a deposit base of more than Rs 940 million. The total customer base of Tameer has crossed 145,000 with staff strength of 1,100.
Read more about Tameer Microfinance Bank at www.tameerbank.com
