Telenor Microfinance Bank to Empower Utility Stores Corporation

In a unique partnership, Telenor Microfinance Bank signed up with Utility Stores Corporation to make mobile money services available at Utility Stores in the country.

The ceremony was held in Islamabad where Ali Riaz Chaudhry – President & CEO Telenor Microfinance Bank and Waseem Mukhtar Chaudhary – Managing Director Utility Stores Corporation, sealed the deal.

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This agreement has been done with Telenor Microfinance Bank’s determination to transform Pakistan’s monetary scene and to let the advantages of mobile money be availed by people who don’t have access to banking in Pakistan.

Utility Stores Corportation is the largest retail chain store setup in the country owned by the government, that provides need-based products at competitive rates to a wide audience. USC boasts of 50+ outlets in Islamabad and Rawalpindi and expects to reach a target of 5,000 stores across the country.

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Speaking at the ceremony, Ali Riaz Chaudhry, President & CEO, Telenor Microfinance Bank commented,

“We are the proud pioneers of mobile money with 9.2 million mobile account customers in Pakistan. This alliance is a continuation of our industry-first initiatives. We are delighted to offer further convenience and ease of access for all Easypaisa customers. Going forward, we plan on extending the partnership to include services like Till Payments, G2P Disbursements, Lending/Loan Repayments and Insurance Payments.”

USC Managing Director, Waseem Mukhtar Chaudhary said:

“Being the largest retail chain in Pakistan, we want to deliver greater variety and convenience to our customers which this partnership with Telenor Bank will help us achieve. We respect Telenor Bank’s financial inclusion goals and are proud to be a part of the cause that aims to bring ease to millions of underserved lives.”

About 650,000 dealings are done on Mobile banking of Telenor Microfinance Bank named “Easypaisa” per day from 20 million active customers. In quest of Telenor Microfinance Bank’s monetary presence goals, the enterprise boards the intact and not-utilized areas for making services available to all.


Source: Banks Today