The partnership combines TMB’s knowledge and local market presence with more than 20 million customers, and Ant’s technology in Alipay to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.
TMB offers Easypaisa, Pakistans mobile financial services platform launched in 2009. Moreover, TMB provides micro-finance and related financial services to the unbanked segment of the Pakistani society.
Today, more than 100 million Pakistanis are unbanked, accounting for 5% of the world’s unbanked population, according to the World Bank. The state of affairs is expected to change in the years to come, especially with rising smartphone penetration.
The completion of the transaction is subject to customary regulatory approvals.
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