Easypaisa becomes Pakistan’s first digital retail bank with SBP approval

Easypaisa's latest achievement solidifies Pakistan’s position as a leader in digital innovation
An illustraition created with generative AI. — Canva
An illustraition created with generative AI. — Canva

Easypaisa has successfully accomplished a significant milestone by becoming the country’s first Digital Retail Bank to receive commercial approval from the State Bank of Pakistan (SBP) for ordinary digital banking operations under the Licensing and Regulatory Framework for Digital Banks.

Easypaisa’s latest transition from being the country’s first branchless mobile money transfer solution to Pakistan’s first digital bank to launch commercial operations marks a revolutionary breakthrough in financial services. 

Telenor Microfinance Bank is transforming financial services across the country by offering streamlined banking solutions without the need for traditional branch visits. 

With 50 million registered users, a 31% women user base, and 2.7 billion transactions processed in 2024 valued at PKR 9.5 trillion, Easypaisa has played a pivotal role in boosting Pakistan’s financial realm. 

Its offerings include digital term deposits, major options, and saving accounts, wealth management tools, international remittances, and digital cards.

While expressing gratitude for the exceptional achievement, Easypaisa digital bank Board Chair Irfan Wahab Khan said: “This is a monumental milestone that reinforces Easypaisa’s role as a trailblazer, becoming the country’s first Digital Retail Bank... Above all, the trust of our customers has been the cornerstone of this accomplishment.”

Adding to the conversation, Easypaisa digital bank Director on the Board Douglas Feagin said: “Easypaisa’s evolution into a digital bank marks a significant milestone... driving greater financial inclusion and economic progress.”

Backed by Telenor Group (55%) and Ant Group (45%), Easypaisa’s journey began in 2009. This significant development solidifies Pakistan’s position as a leader in digital innovation, promoting economic resilience, and breaking all the traditional barriers.