Pakistan’s first and foremost branchless banking platform Telenor Microfinance Bank’s Easypaisa, is helping its customers make safe and secure financial transactions via the Biometric Verification System (BVS). Ensuring transparency in mobile-based money transfers, BVS enables beneficiaries of various financial support programs to withdraw funds in an easy and convenient manner.
Based on the State Bank of Pakistan circular, Telenor Microfinance Bank started equipping its Easypaisa agents across Pakistan with the required equipment. Today, the majority of financial transactions and funds disbursements through Easypaisa take place through the extensive and rapidly growing BVS network of over 45,000 devices.
“It gives us great satisfaction that almost all of the transactions and disbursements that take place via Easypaisa today are biometrically verified,” said Shahid Mustafa, President & CEO, Telenor Microfinance Bank. “We not only share our financial inclusion goals with the Government of Pakistan, but also continue to extend them our full support in terms of services that have made lives easy. While we continue to bank the unbanked, we also believe making our services secure and fraud-free our core responsibility,” he added.
Easypaisa is also collaborating with other financial services providers to offer its BVS distribution network for cash in and cash out services and to facilitate their customer acquisition.