In Pakistan, Norway's Telenor and Tameer Bank have introduced the opportunity to earn interest on savings by using the mobile phone.
People in Pakistan could also earlier transfer money easily from one city to another via Easypaisa.
Telenor says 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.
(Press release)
