Easypaisa, a pioneer of branchless banking in Pakistan, has emerged as a key player in the local fintech industry. M. Mudassar Aqil, CEO of Easypaisa/Telenor Microfinance Bank went on to explain how the company is thriving in an age where being digital has become a basic requirement for the majority of people.
Pakistan has been aiming for an ICT-powered digital economy for many years. The ‘Digital Pakistan’ vision has progressed from being a buzzword to making some headway toward realization in the last few years.
However, progress has been slow. Despite improved progress in digital inclusion, financial inclusion has been less than satisfactory.
According to some estimates, 77 percent of Pakistan’s population is still unbanked. Pakistan remains a laggard, with an average financial inclusion ratio of 21%, compared to a lower-middle-income country’s average of 33%.
One of the many reasons that a large portion of our country’s population remains financially excluded is that bank branches cannot reach every part of the country.
Pakistan’s banking coverage is moving at a snail’s pace, with only 10 branches per 100,000 adults, compared to Asia’s average of 16.38.
Because only 23% of the adult population has access to formal financial services, a large portion of the population is denied all benefits such as agricultural loans, machinery loans, car loans, mortgages, insurance, and so on.
With broadband penetration at 46 percent and mobile penetration at 85 percent, Pakistan has become an ideal location for cutting-edge fintech innovation.
With 64 percent of the average population under the age of 30, Pakistan’s financial technology landscape is ideal for the region’s fintech services to thrive.
To read our blog on “With Easypaisa, Send Money to any CNIC across Pakistan,” click here.