Pakistan’s first and foremost branchless banking platform Telenor Microfinance Bank’s Easypaisa is helping its customers make safe and secure financial transactions via the Biometric Verification System (BVS).
Ensuring transparency in mobile-based money transfers, BVS enables beneficiaries of various financial support programs to withdraw funds in an easy and convenient manner.
Based on the State Bank of Pakistan circular, Telenor Microfinance Bank started equipping its Easypaisa agents across Pakistan with the required equipment. Today, the majority of financial transactions and funds disbursements through Easypaisa take place through the extensive and rapidly growing BVS network of over 45,000 devices.
“It gives us great satisfaction that almost all of the transactions and disbursements that take place via Easypaisa today are biometrically verified,” said Shahid Mustafa, President & CEO, Telenor Microfinance Bank.
“We not only share our financial inclusion goals with the Government of Pakistan but also continue to extend them our full support in terms of services that have made lives easy. While we continue to bank the unbanked, we also believe making our services secure and fraud-free our core responsibility,” he added.
Easypaisa is also collaborating with other financial services providers to offer its BVS distribution network for cash in and cash out services and to facilitate their customer acquisition.
Telenor Microfinance Bank has entered into a strategic collaboration with Bank Alfalah Limited to pave the way for Pakistan’s first inter-operable financial services. This enables EOBI pensioners to provide proof-of-life services at all Easypaisa outlets and receive pensions through the Bank Alfalah EOBI Carded Wallet.
As most pensioners are elderly citizens and widows, the system brings great ease by eliminating bank visits, long queues, and extensive paper trails. Additionally, Bank Alfalah’s Benazir Income Support Program beneficiaries, living in remote areas, can also now withdraw their stipends through the Easypaisa agent network.
“All I need to do is to go to the nearest Easypaisa shop and receive my pension simply by providing my thumb impression,” said one pension beneficiary. “Receiving my monthly claim was a big hassle, especially being a woman and mother of three young children. The problem is solved now and I get my money from any Easypaisa shop with ease,” said another beneficiary.
By offering customers innovative digital financial solutions, Telenor Microfinance Bank is aligned with its vision of empowering societies.