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Telenor Microfinance Bank

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Telenor Microfinance Bank
FormerlyTameer Microfinance Bank
Company typeUnlisted public company
IndustryMicrofinance
Founded2006; 18 years ago (2006)
HeadquartersKarachi, Pakistan
Key people
Mohammad Mudassar Aqil (President & CEO)
ProductsEasypaisa
RevenueIncrease Rs. 26.839 billion (US$93 million) (2023)
Increase Rs. 502 million (US$1.7 million) (2023)
Total assetsIncrease Rs. 76.330 billion (US$260 million) (2023)
Total equityIncrease Rs. 8.009 billion (US$28 million) (2023)
ParentTelenor Group
Ant Group
Websitetelenorbank.pk
Footnotes / references
Financials as of 31 December 2023 [1]

Telenor Microfinance Bank, formerly Tameer Microfinance Bank, is a Pakistani microfinance bank which is based in Karachi, Pakistan. It is jointly owned by Telenor Group and Ant Group, an affiliate company of Alibaba Group.

History

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It was founded in 2006 by Nadeem Hussain as Tameer Microfinance Bank, which was later acquired by Telenor Pakistan.[2]

In November 2008, Telenor Pakistan acquired 51 percent shares in Tameer Microfinance Bank for $12.5 million.[3] In March 2016, Telenor Pakistan acquired the remaining 49 percent shares of Tameer MicroFinance Bank for an undisclosed sum.[2][4]

In March 2018, Ant Group announced to acquire a stake for $184.5 million in Telenor Microfinance Bank through its subsidiary Ant Financial.[5] In November 2018, the Competition Commission of Pakistan approved Alipay's – a subsidiary of Ant Financial – acquisition of 45% shareholding in the microfinance bank for $184.5 million.[6][7]

In November 2021, the board of MCB bank approved to conduct due diligence to buy 55% shares of Telenor Microfinance Bank.[8][9][10]

Products

[edit]

Easypaisa, Pakistan’s first mobile banking platform launched in 2009, is the only GSMA mobile money certified service in the country. Initially launched as a money transfer service. It is part of Telenor Microfinance Bank and operates as a branchless banking service.[11]

See also

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References

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  1. ^ "Telenor Microfinance Bank Annual Report 2023" (PDF). Retrieved 14 September 2024.
  2. ^ a b "Telenor buys Tameer Bank". The Express Tribune. 17 March 2016.
  3. ^ "Telenor acquires 51 percent shares of Tameer Microfinance Bank". Aaj News. 22 November 2008.
  4. ^ "Telenor acquires Tameer Bank". Business Recorder. 18 March 2016.
  5. ^ "Telenor Bank: Chinese group to invest $184.5m". The Express Tribune. 14 March 2018.
  6. ^ "CCP approves Alipay's 45% stake in Telenor Microfinance Bank". The Express Tribune. 8 November 2018.
  7. ^ "ٹیلی نار پاکستان اور ٹیلی نار مائیکرو فائنانس بینک کا بے نظیر انکم سپورٹ پروگرام کے ساتھ معاہدہ بی آئی ایس پی سے مستفید ہونے والے مستحق افراد کو کاروباری مواقع اور چھوٹے قرضوں کے ذریعے بااختیار بنایا جائے گا". UrduPoint. Retrieved 22 March 2023.
  8. ^ "MCB to buy 55pc shares in Telenor Microfinance Bank". www.thenews.com.pk. Retrieved 4 November 2021.
  9. ^ Alam, Kazim (3 November 2021). "MCB eyes majority stake in TMBL". DAWN.COM. Retrieved 4 November 2021.
  10. ^ "Purchase of 55% shares in Telenor Microfinance Bank: MCB Bank approves due diligence". Brecorder. 2 November 2021. Retrieved 4 November 2021.
  11. ^ "About Easypaisa". Easypaisa. Retrieved 23 October 2020.
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