EasyPaisa, a financial gateway service which was started by Telenor in 2009, is reportedly parting its ways with Telenor.
According to sources, EasyPaisa will be transferred to Tameer Microfinance Bank. Few months back, Tameer bank was fully acquired by Telenor Group (Parent Company).
The effects of this transfer are crucial. After this transfer, EasyPaisa’s balance sheet will only be accessible under the supervision of Tameer Bank. EasyPaisa’s reporting and day-to-day operations will be condcuted by Tameer Bank and not Telenor Pakistan. To sum it up, Telenor Pakistan will not have any access to EasyPaisa, it will have its own independent digital and PR agency, vendors that are needed to complete its job.
Ali Chaudry, CEO and President of Tameer Bank, will now report directly to Telenor Group(Parent Company) and will lead EasyPaisa.
Currently, EasyPaisa will keep on using Telenor Pakistan’s office in some cities which will be charged by Telenor. Unconfirmed reports says that Tameer Bank’s name would be changed to Telenor Bank. Economic experts says that this step will help Telenor Group in the long run.
Nadeem Hussain, who stared Tameer Bank as his first startup says:
“Banks will open up to Fin techs and allow them to sit atop the bank, and offer services (payments, remittances etc.) to the users that the banks have failed to do up till now.”
According to ProPakistani, Alibaba is planning to enter Pakistan’s ecommerce market and may be looking for fintech gateway as in India Alibaba has paytm. It just a hunch that Alibaba maybe trying to do something similar in Pakistan. Pakistan currently holds no payment gateway that allows under 10 minutes integrations as compared to other countries.