Telenor Pakistan acquired the 49 per cent of Tameer Microfinance Bank it does not already own, a sign of the two companies’ success in the country’s mobile money market.
The operator and the bank developed a service called Easypaisa, a significant player in Pakistan’s financial services sector.
“This acquisition gives us an even stronger platform to provide wide scale financial services to the unbanked population in the country. It also strengthens our leadership position in digitising financial services in Pakistan,” said Tine Wollebekk, Head of Financial Services, Telenor Group.
The bank becomes a wholly owned entity within Telenor Group.
The buyout involves personnel changes. Founder Nadeem Hussain is stepping down as president and CEO of the bank, although he is staying on as a board member. He will be replaced by Ali Chaudhry. The changes are subject to approval from State Bank of Pakistan and will be effective from the date of approval.
“Transitions like these are always a moment of mixed emotions. Naturally I am a little sad to leave Tameer as it represents a long labour of love and a decade of innovation, but I am more excited as it moves on to the next step in its evolution,” said Hussain.