Telenor Pakistan receives grant to expand easypaisa offerings
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Mobile Money for the Unbanked (MMU) fund makes savings and insurance products possible in Pakistan
Telenor Pakistan was awarded a grant from The Bill and Melinda Gates Foundation’s Mobile Money for the Unbanked (MMU) fund. Through this grant, Telenor Pakistan will introduce various savings and insurance products through the easypaisa service.
Bringing savings and insurance to Pakistan
“We are delighted to have received the MMU grant,” said Roar Bjaerum, Vice President Financial Services, Telenor Pakistan. “Considering that only 12 per cent of Pakistan’s population has access to banking services, the MMU grant is going to help us develop savings and insurance products that meet the needs of the financially excluded.”
Telenor Pakistan will offer a variety of structured products under the easypaisa umbrella of services. This will allow people to use their existing resources to save money for a future event, such as education or marriage. Additionally, the combination of insurance with a savings product can provide protection against an unforeseen event.
The MMU fund helps millions
MMU grants are awarded to support commercially viable mobile-operator-led projects that bring mobile banking services to the unbanked. This year, only seven mobile operators were selected to receive grants based on their financial services offerings.
The MMU fund is administered by the GSMA Foundation and supported by a grant of the Bill and Melinda Gates Foundation. Its purpose is to encourage the expansion of reliable and affordable mobile financial services unbanked people around the world.
“Between now and the end of 2011, millions of consumers are expected to directly benefit from mobile money services launched with the support of the MMU fund,” said Gavin Krugel, Director for the GSM Association.
easypaisa basics
Telenor Pakistan, in conjunction with Tameer Bank, began offering their suite of easypaisa financial services in October 2009 with the goal of providing banking services to the unbanked population of Pakistan. Since its launch, easypaisa has been used in more than one million financial transactions.