KARACHI: Telenor Group has acquired the remaining 49 per cent shares of Tameer Microfinance Bank, thus making it a wholly-owned entity of the group.

Telenor, with over 35 million subscribers and around 3,000 employees, have been providing telecommunication services in Pakistan since 2005.

“With the collaboration between Tameer Bank and Telenor, Easypaisa has become a global example of innovation in bringing financial inclusion through mobile,” Telenor Group Head of Financial Services Tine Wollebekk said.

Easypaisa, launched in 2009, has a financial footprint in more than 800 cities across the country.

“This acquisition gives us an even stronger platform to provide wide scale financial services to the unbanked population in the country. It also strengthens our leadership position in digitising financial services in Pakistan,” she added.

Following the acquisition, Telenor Pakistan, with immediate effect, will transfer the management of Easypaisa to Tameer Bank.

Tameer Bank’s founder Nadeem Hussain will relinquish his position as president and chief executive officer and will be appointed as a board member of the bank.

The bank’s board has voted to appoint Ali Chaudhry as the new president and chief executive officer.

The senior-level changes are subject to approval from the State Bank of Pakistan.

Published in Dawn, March 18th, 2016