Karachi, January 28, 2025 – The State Bank of Pakistan (SBP), led by Governor Jameel Ahmad, has awarded the country’s first-ever Digital Retail Bank (DRB) license to Easypaisa Bank Limited, formerly known as Telenor Microfinance Bank Limited.
This milestone paves the way for Easypaisa Bank to officially commence commercial operations as a DRB, marking a significant leap forward in Pakistan’s digital banking landscape.
The issuance of this license is part of SBP’s strategic vision to foster financial inclusion, promote innovation, and deliver accessible and affordable digital financial services. The ceremony was attended by key stakeholders, including CEOs of digital banks, members of the Pakistan Banks’ Association Executive Committee, and senior executives from both Easypaisa Bank and the SBP.
In his keynote address, Governor Jameel Ahmad emphasized the SBP’s pivotal role in establishing the regulatory framework for digital banking. He lauded Easypaisa Bank for its innovative approach and encouraged it to draw inspiration from its parent company, Ant Group, to prioritize the digital transformation of Pakistan’s small and medium enterprises (SMEs). This focus, he noted, will play a critical role in promoting financial inclusion and driving sustainable economic growth.
The Governor also highlighted the pressing need to address two key challenges associated with the rapid growth of digital banking: enhancing customer digital literacy and implementing robust cybersecurity measures. He stressed that ensuring customer trust and safeguarding the financial system’s integrity are paramount to the success of digital banking initiatives.
Easypaisa Bank’s journey to becoming Pakistan’s first licensed DRB has been rigorous. In January 2023, SBP issued No Objection Certificates (NoCs) to five applicants, including HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited, and Easypaisa Bank Limited. These banks underwent stringent evaluation criteria, assessing governance, financial capacity, business strategies, and IT infrastructure.
By September 2023, these entities received In-Principle Approval (IPA) to prepare for operational readiness. Following the fulfillment of all requirements, Easypaisa Bank became the first to receive authorization to launch commercial DRB operations.
The ceremony also featured remarks from Easypaisa Bank’s Board of Directors, who expressed their gratitude to SBP for its support. They reaffirmed their commitment to driving innovation in digital financial services and setting new benchmarks in customer-centricity and technological excellence.
This achievement marks a defining moment for Pakistan’s banking sector, heralding a new era of financial digitalization.