Telenor Microfinance Bank came to existence with the ambition of empowering the unbanked population of Pakistan. Being the first of its kind in introducing scheduled microfinancing, the Bank now holds 177 branches nationwide.
The Bank provides microfinance and related financial services to the less privileged and unbanked segment of Pakistan, with an aim to contribute towards poverty eradication and enabling them just enough so they're able to earn and sustain their livelihoods.
The Bank’s long-term goal has evolved from becoming a leading provider of microfinancing services to a transformative organization, which challenges the status quo of the existing financial landscape of Pakistan through digital solutions.
Telenor Group reached a strategic partnership agreement with Ant Financial Services Group (Ant Financial) in Pakistan, where Ant Financial will invest USD 184.5m for a 45% stake in Telenor Microfinance Bank, a subsidiary of Telenor Group, to further develop Telenor Microfinance Bank’s mobile payment and digital financial services.
Here's a quick note by Muhammad Aslam Hayat, Acting CEO, Telenor Microfinance Bank:
The strategic partnership between Telenor Group and Ant Financial combines Telenor Microfinance Bank’s knowledge and local market presence with more than 20 million customers, and Ant’s technology in Alipay, the world’s largest digital payment platform, and other financial services, to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.
Bjærum Roar, SVP Head of Financial Services, Telenor Group, says:
Keeping the ambition of bringing 75% of the unbanked population into the financial eco-system, Telenor Microfinance Bank has pushed through growth-inducing challenges, and found resolutions that benefit the consumer.
Here's what Li Zhixian, Regional Director International BG, Ant Financial has to say about TMB:
TMB remains the only bank in the industry that has taken under a formal financial system's fold 100 million people belonging to the unbanked segments of Pakistan's society
As part of their new positioning, TMB intends to instill confidence in these people and help them take the first step that they usually fear.
To turn this vision to reality, Telenor Microfinance Bank introduced a specialised program, called Uthao Pehle Qadam, encouraging people to make the move.
TMB intends to renew its position as a brand that fulfills the desires of customers with more energy, passion, innovation, and unique ideas.
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