WEBDESK: The State Bank of Pakistan (SBP) has officially granted Easypaisa Bank Ltd. the first-ever digital retail bank (DRB) licence in Pakistan.
The announcement was made during a ceremony at the central bank, where SBP Governor Jameel Ahmad awarded the licence, allowing the bank to start commercial operations.
Easypaisa Bank, formerly known as Telenor Microfinance Bank, is expected to bring innovative digital financial services, making banking more accessible and affordable. The SBP aims to expand financial inclusion in Pakistan, especially for people in rural areas who lack access to traditional banks.
SBP stressed the importance of digital banking, as nearly half of Pakistan’s rural population does not have access to banking services. Digital banks are expected to bridge this gap and help small businesses, freelancers, and underserved communities benefit from modern financial services.
Pakistan’s digital banking sector is expected to grow significantly, with more people choosing online banking over traditional methods. This will also increase Net Interest Income for banks operating in the digital space.
Digital Banking Initiative
In January 2023, SBP issued No Objection Certificates (NOCs) to five digital banking applicants that are Easypaisa Bank Ltd., HugoBank, KT Bank Pakistan Ltd., Mashreq Bank Pakistan Ltd. and Raqami Islamic Digital Bank Ltd.
By September 2023, these banks received in-principle approvals to prepare for operations. After meeting all requirements, Easypaisa Bank is now the first to receive final approval to begin its digital banking services.
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