ISLAMABAD ( BMZ REPORT )
Telenor this week announced the acquisition of the 49% of Tameer Microfinance Bank that it does not already own, giving a boost to its financial services offerings in Pakistan.
Telenor already offers a range of mobile financial services in Pakistan in partnership with Tameer. The bank now becomes a wholly owned entity within the telco group, and Telenor will immediately transfer the management of its Easypaisa mobile money service to Tameer.
The two companies launched Easypaisa as a joint venture in 2009.
“This acquisition gives us an even stronger platform to provide wide scale financial services to the unbanked population in the country,” said Tine Wollebekk, head of financial services at Telenor Group, in statement on Thursday.
“It also strengthens our leadership position in digitising financial services in Pakistan,” she said.
Telenor did not disclose the terms of the transaction.
As part of the deal, Tameer founder Nadeem Hussain will step down from the president and CEO role, but will take a seat on the firm’s board.
Telenor said Ali Chaudhry will replace him as president and chief executive, presumably referring to its senior advisor for group financial services.
However, the changes in senior management are subject to the approval of the State Bank of Pakistan, the firm said.