STAFF REPORT IBD: Telenor Pakistan has announced that Easypaisa has got a $6.5 million grant from the Bill and Melinda Gates Foundation to increase adoption of its mobile financial services.
“Accessible mobile financial services can help catalyze Pakistans socio-economic efforts,” Roar Bjaerum, Vice President of Financial Services at Telenor Pakistan, said while addressing a press conference here last wee.
With more than 85 per cent of population not having access to formal savings or credit products, many households are vulnerable to fluctuations in daily income and unable to absorb economic shocks from unexpected events.
“Easypaisas vision is to serve as a vehicle for financial inclusion for such households. The grant will help us accelerate adoption of Easypaisa services among the poor and unbanked individuals,” he said.
Rodger Voorhies, Director of the Gates Foundations Financial Services for the Poor Initiative, in a message said that the aim of the project is to expand the range of services poor Pakistanis can access through Easypaisa.
“This grant aims to accelerate adoption of Easypaisas Mobile Account among poor and unbanked households to create a foundation for the delivery of savings, insurance, and other mobile financial services,” he asserted.