Ericsson announced on Friday announced that it has completed a major tech stack upgrade for Pakistan’s Telenor Microfinance Bank (TMB), giving its mobile wallet easypaisa a cloud-native platform on which to scale up its services.
According to Ericsson, the upgraded mobile financial services platform is now built on an open architecture with a wide range of APIs and enhanced functionalities. This enables easypaisa to broaden its spectrum of digital financial services and offer faster, more secure, personalized, and user friendly financial services, Ericsson said.
The upgrade announcement follows a deal signed by Ericsson and TMB in February 2024 to extend their existing partnership to expand easypaisa and establish TMB as a full-fledged digital bank in Pakistan.
Mohammad Hasan Ayaz, CTO of TMB and easypaisa,said the upgrade enables easypaisa to scale its operational services, introduce new revenue streams, and drive fintech innovations that support Pakistan’s growing digital economy
“With the introduction of cloud-native technologies through Ericsson’s Mobile Financial Services platform, easypaisa will be able to scale all lines of business in the coming years and play a pivotal role in shaping the future of Pakistan’s digital banking landscape, while staying true to our mission of financial inclusion for millions,” he said in a statement.
Ayaz added that the platform upgrade aligns with TMB’s ongoing digital retail bank transformation, although he added this is still subject to approval from the State Bank of Pakistan.
In its FY2023 results issued in April 2024, TMB said it served over 13.2 million monthly active users in 2023, a 17% year-on-year increase. The easypaisa app saw 9.6 million monthly active app users last year, up 32% year-on-year.
Meanwhile, easypaisa processed over 2.1 billion transactions worth PKR7 trillion (US$25.2 billion) in FY2023, which TMB said represents a 56% growth in transactions and 77% growth in volume compared to FY2022.
