KARACHI: The SBP awarded the first digital retail bank licence to Easypaisa Bank on Tuesday. In a ceremony held at the central bank, Governor Jameel Ahmad awarded the licence to Easypaisa Bank Ltd, formerly Telenor Microfinance Bank Ltd, authorising it to com-mence commercial operations.

The SBP chief expects the bank to promote innovation, enhance financial inclusion, and ensure the availability of accessible and affordable digital financial services. He underscored the SBP`s strategic role in establishing the framework for digitalbanking in Pakistan and facilitating the development of digital banks through a structured licencing process.

In January 2023, the SBP issued NOCs to five applicants HugoBank, KT Bank Pakistan Ltd, Mashreg Bank Pakistan Ltd, Ragami Islamic Digital BankLtd, and Easypaisa Bank Ltd.

In September 2023, these banks received in-principle approval to prepare for operational readiness. Subsequently, after fulfilling the required conditions, Easypaisa Bank has been authorised to start operations.-Staff Reporter