By Staff Reporter
KARACHI: Pakistan’s central bank awarded the nation’s first digital retail bank license to Easypaisa Bank Ltd., paving the way for the lender to offer commercial digital banking services.
The license, presented by State Bank of Pakistan Governor Jameel Ahmad, marks a significant milestone in the country’s efforts to expand its digital banking landscape and promote financial inclusion.
“We expect Easypaisa Bank to draw inspiration from its sponsor, Ant Group, by prioritizing the digital transformation of small and medium enterprises in Pakistan,” Ahmad said in a keynote address at the licensing ceremony held on Tuesday.
The central bank governor emphasized the need for digital banks to focus on fostering financial inclusion and driving economic growth by developing innovative, customer-centric solutions.
Easypaisa Bank was one of five lenders to receive a no-objection certificate from the central bank in January. The others were HugoBank Ltd., KT Bank Pakistan Ltd., Mashreq Bank Pakistan Ltd. and Raqami Islamic Digital Bank Ltd.
The bank received in-principle approval in September and has since fulfilled the required conditions to commence commercial operations.
A member of Easypaisa Bank’s board of directors said the lender is committed to setting new benchmarks in customer-centricity and technological advancement in the financial sector.
“We are grateful to the State Bank of Pakistan for their support and guidance throughout this journey,” the board member said.
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