Telenor and Tameer Bank first to introduce mobile savings in Pakistan Press Releases: 22 April 2013
Today people in Pakistan can transfer money easily from one city to another via Easypaisa. Now, Telenor and Tameer Bank have also introduced the opportunity to earn interest on savings by using the mobile phone. This represents a major step forward for the rural population of Pakistan which previously used cash and relied on more traditional ways of saving.
Easypaisa is Telenor's joint venture with Tameer Microfinance Bank formed in 2009. The company has now launched Khushaal Munafa, the first savings product on a branchless banking platform offering monetary returns to its Easypaisa Mobile Account customers.
We are proud to be the first mobile money service to introduce a savings product in Pakistan. Khushaal Munafa will focus on micro savings, promote savings and reduce vulnerability of low income families. Easypaisa's key objective is financial inclusion, and savings are an integral part of getting people to start using formal financial services, said Telenor Group CEO, Jon Fredrik Baksaas.
Have financial service needs, but lack access Financial exclusion characterises emerging economies due to lack of credit history, limited access to formal banking channels and bank branches and limited trust in existing financial products. Being a cash economy, more than 80% of Pakistan's population do not have bank accounts.
Across the country, people have a need for financial services in order to manage short-term volatility of cash flows, send and receive money transfers and build savings for major occasions like weddings and schooling of children.
Khushaal Munafa offers Easypaisa Mobile Account customers a profit of up to 9% on saving Rs. 2,000 or more in their mobile accounts. The savings product is available to both existing and new mobile account customers. After subscribing to a particular Khushaal Munafa plan, the minimum balance according to the selected plan will be locked in the system and customers will only be able to perform transactions on the account balance in excess of the minimum balance requirements. Profit will be calculated and paid out on the total balance in the mobile account.
Khushaal Munafa will help create a financial ecosystem for the bottom of the pyramid and empower them with the basic rights to avail services that provide an affordable and convenient method of integration into the world of financial services, said Nadeem Hussain, CEO and President, Tameer Micro Finance Bank limited.
Khushaal Munafa follows previous launches of remittance, payments and insurance products. A study conducted by Boston Consulting Group commissioned Telenor Group indicates that mobile financial services may increase financial inclusion in Pakistan by 20%, and lead to an increase in GDP of up to 3 percent by 2020.
Media Contact:
Tor Odland, Vice President, Telenor Group Communications, tel.: +47 990 90 872, email: tor.odland@telenor.com
About Easypaisa
Committed to providing financial inclusion to the people of Pakistan, Easypaisa shops are present at over 22,000 outlets in more than 750 cities and towns in the country. Nearly 4 million unique users use Easypaisa services every month for basic financial services like utility bill payments, money transfer and mobile accounts. Around 117 million transactions worth over Rs. 261 billion have been carried out through Easypaisa since launch. For further details, kindly visit http://www.easypaisa.com.pk
About Tameer Microfinance Bank Limited
Tameer Microfinance Bank Limited (TMFB) is the first scheduled and largest micro finance bank in Pakistan and incorporated in 2005 to provide micro-finance and related financial services to the less privileged and the unbanked segment of the society, with an aim to contribute towards poverty eradication under the Microfinance Institution ordinance, 2001. The bank currently has outreach of over 115 Tameer customer touch points.
The range of financial services offered by TMFB includes deposits, loans, mobile accounts, health insurance, alternative energy solutions, remittances, and cash management services, delivery through Bank on Wheels, Agricultural and Dairy Financing. http://www.tameerbank.com
Telenor commissioned studies: http://www.telenor.com/corporate-responsibility/impact/
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
06/05/2026
Polands Miecznik-class frigates are part of the largest contract in Polish shipbuilding history. (Image Credit: PGZ Stocznia Wojenna)...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Riedel Communications today announced the expansion of its leadership structure as part of a strategic initiative to strengthen both its operational management ...
06/05/2026
For nearly three decades, Veteran Production Sound Mixer and Five-time Emmy Award Winner Dirk Sciarrotta has helped define the sonic identity of the long-runnin...
06/05/2026
ZEISS CinCraft LensCore: Cinema Lens Looks for Compositing
Brie Clayton May 6, 2026
0 Comments
ZEISS announces the launch of CinCraft LensCore, a nove...
06/05/2026
Wisycom Solves Extreme RF Challenges Across Miles of Live Action for Gravity Med...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Narrative Entertainment has partnered with Encompass to deliver high-quality subtitling of its Great! network content using the Altitude Intelligence AI assiste...
06/05/2026
SipRadius, widely recognized for making content processing and connectivity secure and seamless, is proud to launch a dramatic new approach to AI content creati...
06/05/2026
When the broadband and media industry gathers at ANGA COM in Cologne from May 19 to 21, Big Blue Marble will be at the forefront. The international broadcast an...
06/05/2026
Cinegy GmbH, a leading developer of software-defined television technology, is proud to exhibit at MPTS for the first time. Visitors to the stand will discover ...
06/05/2026
Val Jeanty Receives 2026 Doris Duke Artist Award Jeanty, a composer, percussionist, and turntablist, is the fourth Berklee recipient of the prestigious award ...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
When live cycling races and international marathons stretch for miles across cities and countryside, there is no margin for RF failure in live broadcast. As Chi...
06/05/2026
Oberkochen/Germany, May 5, 2026
ZEISS announces the launch of CinCraft LensCore, a novel solution for creating physically based cinematic lens looks for visual...
06/05/2026
SAN JOSE, Calif. - May 6, 2026 - Harmonic (NASDAQ: HLIT) today announced its latest broadband innovations for ANGA COM 2026, highlighting its vision for a new e...
06/05/2026
Statement from Rupert Murdoch, Chairman Emeritus, Fox Corporation on Ted Turner&...
06/05/2026
Friday 8 May on RT One and RT Player
Meet the NSPCA team caring for and protecting animals in need in this six-part series
Fly on the wall, six-part series...
06/05/2026
The race to build the world's most powerful AI factories demands networking ...
06/05/2026
How changes to proteins can alter drug interactions for new precision therapies Scripps Research team maps how chemical modifications to proteins affect drug bi...
05/05/2026
Experts from the world of academia, tech, business, politics and media convened for a Thomson Talks at the Cambridge Disinformation Summit in April. It's th...
05/05/2026
Three phones were hardwired for power and transmission to the truck; camera feat...
05/05/2026
The creative studio behind campaigns for the NBA, Fanatics Sportsbook & Casino, ...
05/05/2026
Nielsen has announced results from a co-viewing pilot program covering February&...
05/05/2026
viztrick AiDi, an on-device AI solution developed by Nippon TV, delivered global...
05/05/2026
ARRI has announced Omnibar, a battery-powered, IP65-rated multi-color LED linear...
05/05/2026
Imagine Communications has announced that France T l visions is the first broadc...
05/05/2026
The Women's National Basketball Association (WNBA) and Bell Media today announced a multiyear agreement to broadcast and stream WNBA games in Canada beginni...
05/05/2026
SVG is proud to announce Warner Bros. Discovery's Techwood Studios in Atlant...
05/05/2026
With no operator required, AutoMic workflow automates talent identification on U...
05/05/2026
A crash in 2015 set the industry back, but this winter proved that drones are he...
05/05/2026
Another year, and more proof that Asia continues to shape some of the world's most exciting new sounds. This year's RADAR artists draw from deep local r...
05/05/2026
The Austin City Limits Music Fest 2026 lineup just dropped, and this year, Spoti...
05/05/2026
New drum machine book campaign incoming
Bjooks have announced that during Superbooth 2026, they will be launching a Kickstarter campaign to fund the product...
05/05/2026
Flagship all-in-one production bundle updated
The latest version of Native Instruments' flagship virtual instrument and plug-in bundle has just been ann...
05/05/2026
Rohde & Schwarz to host RF Testing Innovations Forum 2026, helping design engine...
05/05/2026
L3Harris provides communications, electronic warfare, sensors and mission systems that enable Virginia-class submarine crews to operate with confidence in conte...
05/05/2026
The company grew by 7.6% in net revenue and 16.3% in EBITDA, achieving a 33% inc...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
Telenor and Tameer Bank first to introduce mobile savings in Pakistan Press Releases: 22 April 2013 
