Telenor Pakistan, in partnership with Tameer Bank, has announced the launch of the country’s first mobile savings product, Khushaal Munafa, designed to let customers earn interest on savings using their mobile phones.
The service builds on the Easypaisa mobile money service the two companies set up via a joint venture in 2009. Easypaisa is aimed at rural and cash-dependent users and lets customers pay utility bills and transfer money using their mobile phones. Khushaal Munafa is available to those with existing accounts and account holders can earn interest of up to 9% on savings of INR2,000 (15) or more.
As a cash economy, more than 80% of the population in Pakistan do not hold conventional bank accounts, according to Telenor. Tameer Micro Finance CEO Nadeem Hussain, said:
"Khushaal Munafa will help create a financial ecosystem for the bottom of the pyramid and empower them with the basic rights to avail services that provide an affordable and convenient method of integration into the world of financial services."
Mobile financial services are predicted to increase financial inclusion in Pakistan by 20%, and lead to an increase in GDP of up to 3% by 2020, according to a study conducted by the Boston Consulting Group.
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