Easypaisa transacts Rs 800 million international remittances

Communication and IT

KARACHI: Easypaisa, the mobile-bank international remittances services, has transacted Rs 800 million ($9.3 million) from different countries during the last 10 months. Easypaisa- a joint money transfer services of Telenor Pakistan and Tameer Microfinance Bank – has witnessed 30,000 transactions from different countries mainly from Middle East in the period of August 2010 to May 2011, official statistics said on Tuesday.

The services are being offered with the support of two partners; Xpress Money and Placid Express to receive remittances from more than 90 countries around the globe.

The International Home Transfer service is being offered without any charges, keeping in mind the importance of international remittances to Pakistan’s economy. The service can be availed over the counter at any Telenor Sale and Service Centre, Franchise and Tameer Bank location across Pakistan.

Tameer Bank has been given a member status of the Pakistan Remittances Initiative (PRI), a joint initiative of the State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance aimed at increasing the inflow of remittances through legal channels.

In the near future, the service will also be available directly on an Easypaisa Mobile Account, whereby it will be possible to receive international remittances directly on the mobile phone; in turn the users can either withdraw money from their nearest authorised Easypaisa shop or keep it in the account for savings purpose.

Tameer Microfinance Bank and Telenor’s Easypaisa service has been witnessing significant growth because of increasing credibility, security of transactions, convenience and speed of point-to-point transfer of money. Easypaisa recently achieved a milestone by crossing the benchmark of Rs 30 billion just 19 months after the launch of its service.

The statistics showed that 18.8 million transactions have been carried out by the people in Pakistan with a total amount of Rs 33.3 billion moved from October 2009 to May 2011.

Easypaisa services have had an accelerated pace in its usage by customers as shown by its brief past record. Easypaisa recorded money transfer to the amount of Rs 7.9 billion in the calendar year 2010. In the first five months of the year 2011, Money Transfer has moved Rs 9.4 billion, a very significant growth resulting in Rs 17.4 billion moved from launch till date.

Tameer Bank and Telenor Pakistan started their branchless banking services with 2,200 outlets in October 2009, which have now increased to 12,600 mobile-banking points in 660 cities, which outnumbers the number of bank branches and post offices in the country.

Tameer Microfinance Limited CEO Nadeem Hussain said the branchless banking has gained the confidence of the people, which shows the flourishing utility of services inside and outside the country. He said branchless banking is being promoting in rural and urban areas for rapid and easy transfer of money between two different cities and countries securely.

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