Islamabad, Jan 29: On Tuesday, the State Bank of Pakistan (SBP) granted Easypaisa Bank the first-ever digital retail banking license, marking a significant milestone in the country’s digital banking landscape. During a special ceremony at the SBP headquarters, Governor Jameel Ahmad presented the license to Easypaisa Bank Ltd, formerly known as Telenor Microfinance Bank Ltd, allowing it to officially begin its commercial operations.
The SBP Governor emphasized that the approval is a crucial step toward fostering innovation in the banking sector. He highlighted the potential of Easypaisa Bank to drive financial inclusion, making digital financial services more accessible and affordable for the general population.
As part of its vision, the SBP has been pivotal in creating a conducive regulatory environment for digital banking through a structured licensing process, which ensures a stable and secure framework for these services to thrive. 
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In January 2023, the SBP granted No-Objection Certificates (NOCs) to five potential digital banking applicants: HugoBank, KT Bank Pakistan Ltd, Mashreq Bank Pakistan Ltd, Raqami Islamic Digital Bank Ltd, and Easypaisa Bank Ltd. By September 2023, these banks received in-principal approval to prepare for operational readiness.
Easypaisa Bank has met the regulatory requirements and is now authorized to begin its services.
This milestone will transform the banking experience in Pakistan, giving millions access to a variety of banking products through innovative digital platforms. The launch will drive growth in Pakistan’s fintech sector, increase competition, and provide consumers with more options in the digital financial ecosystem.
