Easypaisa Digital Bank Launches in Pakistan

In a significant development for Pakistan's financial sector, the State Bank of Pakistan (SBP) has issued a digital banking license to Easypaisa Bank Ltd, paving the way for the country's first digital retail bank to commence commercial operations.

The announcement was made by SBP Governor Jameel Ahmad, who emphasized the importance of digital banking in reaching the unbanked population, particularly in far-flung areas where approximately half of Pakistan's population lacks access to traditional banking services. The governor highlighted the potential of digital banks to empower small and medium enterprises (SMEs) and promote financial inclusion.

The launch of Easypaisa Digital Bank comes on the heels of the SBP's decision to cut its policy rate by 100 basis points to 12% in its first monetary policy of 2025. The governor also noted that inflation is decreasing in Pakistan, dropping to 4.1% in December 2024, and is expected to remain between 5-7% in FY2024-25. The central bank is working on a regulatory framework for digital banking and branchless banking to support the growth of the digital banking sector.

Easypaisa Digital Bank, with 55% ownership by Telenor Group and 45% by Ant Group, has already gained significant traction with 50 million registered users, representing one in four Pakistani adults. The bank has processed 2.7 billion transactions in 2024 valued at Rs 9.5 trillion and aims to provide a robust, secure, and seamless digital banking experience to millions of Pakistanis. Its innovative services include digital term deposits, digital lending options, and international remittances.

The launch of Easypaisa Digital Bank is expected to revolutionize the banking landscape in Pakistan, providing greater access to financial services and promoting economic growth. With its strong foundation and commitment to innovation, Easypaisa Digital Bank is poised to make a significant impact on the country's financial sector.