MICROCAPITAL BRIEF: Telenor’s Easypaisa Launches Khushaal Munafa Mobile Savings Service in Pakistan

Easypaisa, a Pakistani branchless banking services company, has launched a mobile savings product called Khushaal Munafa. Khushaal Munafa allows Easypaisa account holders to earn 9 percent in interest per year on savings balances over PKR 25,000 (USD 254), 8 percent in interest on balances between PKR 10,000 (USD 102) and PKR 24,999 (USD 254), 7 percent in interest on balances between PKR 5,000 (USD 51) and PKR 9,999 (USD 101) and 6 percent in interest on balances between PKR 2,000 (USD 20) and PKR 4,999 (USD 51).

Kushaal Munafa is reportedly the first savings product in Pakistan that is delivered through a branchless banking platform. Easypaisa was launched in 2009 by Telenor Pakistan, a unit of Norway’s Telenor Group in conjunction with Telenor Group’s Tameer Micro Finance Bank. As of 2013, there are approximately 4 million Easypaisa users and 22,000 Easypaisa agents in 750 cities and towns in Pakistan. Telenor Group provides mobile services in 12 countries and serves approximately 148 million subscribers as of 2013.

By Brian LeBlanc, Research Associate

About Easypaisa

Easypaisa is a Pakistani branchless banking company established in 2009 as an initiative of Telenor Pakistan, a mobile phone service provider, and Tameer Micro Finance Bank of Pakistan. Easypaisa services include mobile bank accounts, national and international money transfer, bill payment and prepaid balance purchasing. As of 2013, there are approximately 4 million Easypaisa users and 22,000 Easypaisa agents in 750 cities and towns in Pakistan. Financial information on Easypaisa is not available.

About Tameer Microfinance Bank

Tameer Microfinance Bank Limited (TMFB) is a licensed commercial bank in Pakistan that provides services such as small business, group and emergency loans; micromortgages; microinsurance; savings; and money transfers. It was founded in 2005 and is based in Shahrah-e-Faisal, Pakistan. Telenor Pakistan, a subsidiary of the Norwegian mobile communications company Telenor, owns 51 percent of TMFB. As of December 2011, TMFB reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 92.1 million, return on assets (ROA) of 1.76 percent and return on equity (ROE) of 8.56 percent. As of December 2012 data reported to MIX, TMFB had a gross loan portfolio of USD 70.3 million, approximately 153,000 active borrowers, deposits totaling USD 68.8 million and approximately 924,000 depositors.

About Telenor Group

Founded in 1855, Telenor Group is a telecommunications company based in Norway. As of 2013, Telenor Group provides mobile services in 12 countries and serves approximately 148 million subscribers.  For the year 2011, Telenor Group reported total assets of NOK 166 billion (USD 29 billion).

Sources and Additional Information:

Easypaisa press release, “Easypaisa launches Pakistan’s first mobile money savings product ‘Khusaal Munafa’,” http://www.easypaisa.com.pk/index.php/en/media-center/-press-releases?act=detail&arid=151

MicroCapital article, April 16, 2013, “MICROCAPITAL BRIEF: Tameer Microfinance, Pakistan Mercantile Exchange to Offer Gold-Based Investment Product,” https://www.microcapital.org/microcapital-brief-tameer-microfinance-pakistan-mercantile-exchange-to-offer-gold-based-investment-product/

MicroCapital article, March 27, 2012, “MICROCAPITAL BRIEF: Telenor’s Easypasia, Adamjee Life Insurance Partner to Launch Free Life Microinsurance in Pakistan,” https://www.microcapital.org/microcapital-brief-telenors-easypaisa-adamjee-life-insurance-partner-to-launch-free-life-microinsurance-in-pakistan/

MicroCapital article, December 27, 2011, “MICROCAPITAL BRIEF: Asasah of Pakistan to Collect Microloan Repayments via Easypaisa Service of Tameer Microfinanc Bank, Telenor Pakistan,” https://www.microcapital.org/microcapital-brief-asasah-of-pakistan-to-collect-microloan-repayments-via-easypaisa-service-of-tameer-microfinance-bank-telenor-pakistan/

MicroCapital Universe Profile: Easypaisa https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Easypaisa

MicroCapital Universe Profile: Tameer Microfinance Bank Limited (TMFB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tameer+Microfinance+Bank

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

 

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