In a first-of-its-kind partnership,Telenor Microfinance Bank joins hands with Utility Stores Corporation (USC) to make its mobile money service, Easypaisa, available at Utility Stores nationwide. The agreement was signed in Islamabad between Ali Riaz Chaudhry – President & CEOTelenor Microfinance Bank, and Waseem Mukhtar Chaudhary – Managing Director Utility Stores Corporation, in the presence of respective management teams.
This partnership is in line with Telenor Microfinance Bank’s ambition to revolutionize Pakistan’s financial landscape and extend the benefits of mobile money to the under-banked people in the country.USC is a state-owned, largest retail chain store enterprise in Pakistan, providing basic commodities at low rates to the masses. Commencing with 50 stores in Islamabad and Rawalpindi, the project will gradually expand to over 5,000 Utility Stores spread across the country.
Speaking on the occasion, Ali Riaz Chaudhry, President & CEO, Telenor Microfinance Bank said, “We are the proud pioneers of mobile money with 9.2 million mobile account customersin Pakistan. This alliance is a continuation of our industry-first initiatives. We are delighted to offer further convenience and ease of access for all Easypaisa customers. Going forward, we plan on extending thepartnershipto include services like Till Payments, G2P Disbursements, Lending/Loan Repayments and Insurance Payments.”
Also adding, Waseem Mukhtar Chaudhary, Managing Director, USCsaid,”Being the largest retail chain in Pakistan, we want to deliver greater variety and convenience to our customers which this partnership with Telenor Bank will help us achieve. We respect Telenor Bank’s financial inclusion goals and are proud to be a part of the cause that aims to bring ease to millions of underserved lives.”
Nearly 650,000 transactions are conducted on Telenor Microfinance Bank’s mobile banking platform ‘Easypaisa’ everyday by 20 million active customers. In pursuit of Telenor Microfinance Bank’s financial inclusion goals, the organization embarks the untapped and underutilized retail segments to make services comprehensively accessible to everyone. The arrangement with USC will further increase financial access as it would provide agent proximity for customers.