Telenor Microfinance Bank’s mobile money platform, Easypaisa, and Inov8 Limited have signed a strategic agreement to offer Easypaisa’s vast distribution network to all commercial banks who are signed up with Inov8 technology.
The agreement was signed by the President & CEO Telenor Microfinance Bank, Ali Riaz Chaudhry and Co-Founder and Co-CEO Inov8 Limited Bashir Sheikh, in presence of respective management teams.
Under the agreement, Telenor Microfinance Bank has licensed Inov8 Limited’s latest financial technology product, i8 ServiceBus (i8-SB), which will allow the mobile financial services provider to integrate with all Inov8 Limited deployments, offering their industry leading agent network for use by other banking players. The first bank has already been integrated as part of the implementation with others to follow soon.
The first bank has already been integrated as part of the implementation with others to follow soon.
Easypaisa has the largest agent network across Pakistan, while Inov8 Limited has the most widely deployed technology in the country for mobile and branchless banking, making this a natural synergy that can help the industry grow.
Sharing his thoughts at the signing ceremony, Ali Riaz Chaudhry, President & CEO, Telenor Microfinance Bank, said:
“Easypaisa’s mission is to provide the underbanked of the world with instant access to relevant, convenient and affordable financial services. In that respect, we are delighted to partner with Innov8’s cutting edge technology used by multiple Banks.
“This is our way of showing that Easypaisa, world’s largest bank-led mobile money program, supports all Commercial Banks in offering their customers the country’s largest distribution network. Together, we can empower our societies much faster,” he added.
Bashir Sheikh, Co-Founder, and Co-CEO Inov8 Limited stated:
“We created i8-SB to allow seamless integration between MFS platforms. One of the biggest use cases in our market is connecting new branchless and digital banking players to agent networks. We are proud to have the largest agent network in the country, and one of the largest MFS providers in the world, Easypaisa, as a partner.”
Earlier this year Telenor Pakistan’s mobile financial services division, Easypaisa was transferred to Telenor Microfinance Bank.