Telenor : Telenor and Tameer Bank first to introduce mobile savings in Pakistan

    Telenor : Telenor and Tameer Bank first to introduce mobile savings in

Today people in Pakistan can transfer money easily from one city to another
via Easypaisa. Now, Telenor and Tameer Bank have also introduced the
opportunity to earn interest on savings by using the mobile phone. This
represents a major step forward for the rural population of Pakistan which
previously used cash and relied on more traditional ways of saving.

Easypaisa is Telenor's joint venture with Tameer Microfinance Bank formed in
2009. The company has now launched Khushaal Munafa, the first savings product
on a branchless banking platform offering monetary returns to its Easypaisa
Mobile Account customers.

"We are proud to be the first mobile money service to introduce a savings
product in Pakistan. Khushaal Munafa will focus on micro savings, promote
savings and reduce vulnerability of low income families. Easypaisa's key
objective is financial inclusion, and savings are an integral part of getting
people to start using formal financial services," said Telenor Group CEO, Jon
Fredrik Baksaas.
Have financial service needs, but lack access
Financial exclusion characterises emerging economies due to lack of credit
history, limited access to formal banking channels and bank branches and
limited trust in existing financial products. Being a cash economy, more than
80% of Pakistan's population do not have bank accounts.

Across the country, people have a need for financial services in order to
manage short-term volatility of cash flows, send and receive money transfers
and build savings for major occasions like weddings and schooling of children.

Khushaal Munafa offers Easypaisa Mobile Account customers a profit of up to 9%
on saving Rs. 2,000 or more in their mobile accounts. The savings product is
available to both existing and new mobile account customers. After subscribing
to a particular Khushaal Munafa plan, the minimum balance according to the
selected plan will be locked in the system and customers will only be able to
perform transactions on the account balance in excess of the minimum balance
requirements. Profit will be calculated and paid out on the total balance in
the mobile account.

"Khushaal Munafa will help create a financial ecosystem for the bottom of the
pyramid and empower them with the basic rights to avail services that provide
an affordable and convenient method of integration into the world of financial
services," said Nadeem Hussain, CEO and President, Tameer Micro Finance Bank

Khushaal Munafa follows previous launches of remittance, payments and
insurance products. A study conducted by Boston Consulting Group commissioned
Telenor Group indicates that mobile financial services may increase financial
inclusion in Pakistan by 20%, and lead to an increase in GDP of up to 3
percent by 2020.

Media Contact:
Tor Odland, Vice President, Telenor Group Communications, tel.: +47 990 90
872, email:

About Easypaisa
Committed to providing financial inclusion to the people of Pakistan,
Easypaisa shops are present at over 22,000 outlets in more than 750 cities and
towns in the country. Nearly 4 million unique users use Easypaisa services
every month for basic financial services like utility bill payments, money
transfer and mobile accounts. Around 117 million transactions worth over Rs.
261 billion have been carried out through Easypaisa since launch. For further
details, kindly visit

About Tameer Microfinance Bank Limited
Tameer Microfinance Bank Limited (TMFB) is the first scheduled and largest
micro finance bank in Pakistan and incorporated in 2005 to provide
micro-finance and related financial services to the less privileged and the
unbanked segment of the society, with an aim to contribute towards poverty
eradication under the Microfinance Institution ordinance, 2001. The bank
currently has outreach of over 115 Tameer customer touch points.

The range of financial services offered by TMFB includes deposits, loans,
mobile accounts, health insurance, alternative energy solutions, remittances,
and cash management services, delivery through Bank on Wheels, Agricultural
and Dairy Financing.

Telenor commissioned studies:


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information contained therein.

Source: Telenor via Thomson Reuters ONE
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