Telenor Microfinance Bank to Get Investment of $15 Million in 2023

Telenor Microfinance Bank will receive an investment of $15 million from its sponsors in the second quarter of 2023 to streamline the operations of the bank for setting up a Retail Digital Bank in the upcoming months.

The bank’s shareholders have plans of injecting equity amounting to $15 million in 2023, its financial report stated.

The bank has also engaged consultants for pursuing its target, preparing a transition plan including legal and operational phases which will be submitted to the banking regulator by June 2023 for approval as per process. The conversion will entail the grant of the Digital Retail Bank license which will replace the existing Microfinance Bank license.

The bank management redesigned its organogram with verticals of payment solutions, productive lending, and consumptive lending. The bank’s strategic vision is focused on digitization with notable developments underway for the growth of the branchless platform, ‘Easypaisa’, according to a report issued recently by PACRA.

The bank is planning to sell off its division of branchless banking business to one of the potential buyers in the banking or energy sector.

Overall, the bank received a whopping amount of $304 million on account of an equity injection from its shareholders.

Source: Pro Pakistani