KARACHI: On Tuesday, Easypaisa Bank received the first digital retail bank license from the SBP. Governor Jameel Ahmad gave Easypaisa Bank Ltd., formerly Telenor Microfinance Bank Ltd., the license to start conducting business in a ceremony at the central bank.
The head of the SBP anticipates that the bank would foster innovation, improve financial inclusion, and guarantee that easily accessible and reasonably priced digital financial services are available. He emphasized the critical role played by the SBP in creating the foundation for digital banking in Pakistan and promoting the growth of digital banks by means of a methodical licensing procedure.
Five applicants received NOCs from the SBP in January 2023: Easypaisa Bank Ltd., Raqami Islamic Digital Bank Ltd., Mashreq Bank Pakistan Ltd., KT Bank Pakistan Ltd., and HugoBank.
These banks were given permission in principle to get ready for operations in September 2023. Easypaisa Bank was then given permission to begin operations after meeting the necessary requirements.