Digital financial services provider Easypaisa has issued a statement following the sale of Telenor Pakistan to PTCL.
Easypaisa wants to reassure its valued customers that the sale of Telenor Pakistan will not have any impact on its operations. They want to make it clear that Easypaisa is not part of the transaction, ensuring that customers can continue to enjoy uninterrupted service and convenience.
āIn response to recent news about Telenor Pakistanās sale, we want to assure our valued customers that our operations remain unaffected. Telenor Microfinance Bank (TMB) and its flagship platform, Easypaisa is not part of this transaction. Your deposits are completely secure, and this development will not impact them in any way,ā it said in a tweet on X.
In response to recent news about Telenor Pakistan’s sale, we want to assure our valued customers that our operations remain unaffected. Telenor Microfinance Bank (TMB) and its flagship platform, easypaisa is not part of this transaction. Your deposits are completely secure, andā¦
ā easypaisa (@easypaisa) December 17, 2023
It said, āTelenor Microfinance Bank (TMB) & easypaisa is an independent financial institution, licensed and governed by the State Bank of Pakistan (SBP). We are a joint venture between Telenor B.V. and Ant Group, who are committed shareholders, dedicated to the Bankās ongoing transformation from a Microfinance Bank to a Digital Retail Bank, subject to regulatory approvalsā.
āWe urge our customers to disregard any unsubstantiated rumors and continue to trust in our commitment to maintaining the highest standards of service and security. Your confidence is valued, and our operations will continue seamlessly. We remain committed to working towards our mission of a financially inclusive, digital Pakistan,ā it added.
In recent times, there have been swirling rumors on social media and deceptive messages causing concern about the financial stability of Easypaisa following the sale of Telenor Pakistan. These misleading messages falsely advised customers to hastily withdraw their funds, creating an atmosphere of uncertainty. It’s worth noting that a similar deceptive message had circulated a few weeks earlier, suggesting that U Microfinance Bank (UBank) was facing bankruptcy due to substantial losses. Such misinformation can understandably stir anxiety among customers.
Not to mention, at the time UBank had dismissed the reports by terming them inaccurate. Later on, UBank reported a strong capital basis in its half-yearly reports for January-June 2023.
It appears that a repeat telecast of the UBank-like message for Easypaisa/Telenor Bank could have one single origin, someone who would wish for the ruin of UBank or Easypaisa; maybe some competition or a distressed market player.
Last week, Pakistan Telecommunication Company Limited (PTCL) made a significant announcement about acquiring the entire Telenor Pakistan for $495 million in a deal that considers both cash and debt. The PTCL Group had been in talks with Telenor for a while regarding the acquisition of its Pakistani division. This idea was initially suggested by the CEO of Telenor Group in 2022, signaling the company’s strategic shift from Asia to Europe and the potential sale of its Asian assets, including its operations in Pakistan.