KARACHI: The SBP awarded the first digital retail bank licence to Easypaisa Bank on Tuesday. In a ceremony held at the central bank, Governor Jameel Ahmad awarded the licence to Easypaisa Bank Ltd, formerly Telenor Microfinance Bank Ltd, authorising it to commence commercial operations.

The SBP chief expects the bank to promote innovation, enhance financial inclusion, and ensure the availability of accessible and affordable digital financial services. He underscored the SBP’s strategic role in establishing the framework for digital banking in Pakistan and facilitating the development of digital banks through a structured licencing process.

In January 2023, the SBP issued NOCs to five applicants — HugoBank, KT Bank Pakistan Ltd, Mashreq Bank Pakistan Ltd, Raqami Islamic Digital Bank Ltd, and Easypaisa Bank Ltd.

In September 2023, these banks received in-principle approval to prepare for operational readiness. Subsequently, after fulfilling the required conditions, Easypaisa Bank has been authorised to start operations.

Published in Dawn, January 29th, 2025

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Trump’s folly
Updated 13 Feb, 2025

Trump’s folly

This latest pronouncement only reinforces the fears of those who see the plan as a blueprint for ethnic cleansing.
Corruption ranking
13 Feb, 2025

Corruption ranking

IT comes as little surprise. Transparency International’s Corruption Perceptions Index for 2024, unveiled on...
Support from remittances
13 Feb, 2025

Support from remittances

EVEN though workers’ remittances dipped, albeit negligibly, in January on a month-over-month basis, the earnings...
Ill omens
Updated 12 Feb, 2025

Ill omens

One wonders whether institutional leadership realises the long-term ramifications of the ongoing "remaking" of judiciary.
Sunken dreams
12 Feb, 2025

Sunken dreams

ANOTHER tragedy has struck Pakistani migrants seeking a better future. A boat capsizing off the Libyan coast has ...
Hate in India
12 Feb, 2025

Hate in India

HISTORY shows that rulers use hate speech to provoke hate crimes and ‘othering’ among communities. Indian Prime...