Tameer Microfinance, Telenor Pakistan launch money transfer service

Microfinance Focus, Nov. 23, 2009: Pakistan’s Tameer Microfinance Bank, in association with Telenor Pakistan has announced launch of Money Transfer, as part of its “easypaisa” product line.
Money Transfer is a secure, easy and convenient way of sending and receiving domestic remittances through “easypaisa” outlets. Users will have the convenience to access the service from more than 4,000 “easypaisa” merchants, and the bank hopes the figure would reach 20,000 by February 2010.
Tameer Microfinance Bank CEO Nadeem Hussain said domestic remittances would form a key in providing financial access to the rural population. “Remittance flow plays a valuable role in supporting the economy. It also offers significant potential to support income of poor and vulnerable groups. Remittances are often the first and sometimes the only financial service used in low income households. Hence the potential for an accessible banking agent in remote areas of the country is immense,” he said.

Telenor Pakistan CEO Jon Eddy Abdullah explained it further: “Providing Money Transfer service is the next step in the development of ‘easypaisa’ as a unique branchless banking solution. World Bank estimates the domestic transfer volume in Pakistan to be at $6.95 billion per year. Through this service we not only aim to target all current users of domestic remittance services but also to help bring some portion of $ 2 to $ 4 billion transacted through informal channel into mainstream.”

Tameer’s original branchless banking pilot was developed in partnership with the CGAP, a microfinance center by the World Bank. The program is supported by the Bill & Melinda Gates Foundation.

Telenor Pakistan & Tameer Microfinance Bank’s “easypaisa” portfolio includes Bill Payment solution and Money Transfer. Other services on the cards are mobile wallet accounts, cash deposits and withdrawal facilities.

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