Telenor Microfinance Bank and Ericsson collaborate to boost easypaisa’s digital financial capabilities

Ericsson (NASDAQ: ERIC), in partnership with Telenor Microfinance Bank (TMB), has successfully completed a major tech stack upgrade of the Ericsson Mobile Financial Services platform at TMB, upgrading it to the latest cloud-native version.

The upgraded platform will now run on a state-of-the-art solution built on an open architecture with a wide range of Application Programming Interfaces (APIs) and enhanced functionalities.

This strategic upgrade enables easypaisa to offer faster, more secure, personalized, and user friendly financial services, further solidifying its position in digital banking and financial inclusion in Pakistan. The upgraded platform enhances easypaisa’s ability to innovate and deliver a broader spectrum of digital financial services, accelerating its mission to drive financial inclusion and economic empowerment nationwide.

With this successful upgrade, easypaisa is now equipped to scale its operational services, introduce new revenue streams, and drive fintech innovations that support Pakistan’s growing digital economy, aligning with the bank’s ongoing Digital Retail Bank transformation (subject to SBP’s approval).

Mohammad Hasan Ayaz, Chief Technology Officer, Telenor Microfinance Bank/easypaisa, says: “This upgrade and renewed commitment mark a significant milestone for easypaisa’s technology stack, serving as a key enabler in providing secure and reliable financial services across the country. 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.”

Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, says: “Ericsson’s Mobile Financial Services platform has been at the forefront of mobile money and digital wallets for over a decade. The successful deployment of our latest cloud-native Mobile Financial Services platform will support easypaisa in scaling their operations and in providing a seamless and efficient mobile financial experience in Pakistan’s rapidly evolving fintech landscape. Our achievement with easypaisa is a testament to the strength of our partnership and our shared vision for advancing financial inclusion and empowering individuals and businesses to thrive in a digital economy and benefit from digital banking features.”

This latest upgrade of the easypaisa platform marks a significant milestone in the long-standing partnership between Ericsson and TMB.