Easy Paisa Launches Pakistan’s First Mobile Money Saving Product Khushal Munafa

Pakistan’s premier branchless banking service, Easypaisa has launched Khushaal Munafa, the first savings product on a branchless banking platform offering monetary returns to its Easypaisa Mobile Account customers. The launch of Khushaal Munafa is yet another important step towards the financial inclusion of rural and semi-urban Pakistanis, many of whom have no choice today but to save their funds in informal savings.

Khushaal Munafa offers Easypaisa Mobile Account customers a profit of up to 9% on saving Rs. 2,000 or more in their Mobile Accounts. The profit offered by Khushaal Munafa is also unique in the sense that it is calculated on a daily basis and the profit is transferred in the mobile accounts at the end of each month. Khushaal Munafa is available to both existing and new Mobile Account customers.

Speaking on the occasion, Roar Bjaerum, Chief Financial Services Officer at Telenor Pakistan said, “Savings are an integral part of financial inclusion and Khushaal Munafa will allow Easypaisa Mobile Account customers to absorb fluctuations in daily income and financial shocks. This product will focus on micro savings, reducing vulnerability of low income families to unexpected events and promote savings as a way to increase their opportunities to grow and improve quality of lives.”

Nadeem Hussain, CEO and President, Tameer Micro Finance Bank limited 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.”

Key Features of Khushal Munafa :

• Ease of product subscription: khushaal Munafa will be available to both existing as well as new Mobile Account Customers
• Flexibility of product subscription: Unlike traditional banking, existing Mobile Account Customers can subscribe for Khushaal Munafa 24 hours a day, 7 days a week by calling at Telenor Pakistan’s Helpline 345
• Daily calculation and monthly transfer of profit: The profit offered through Khushaal Munafa will be calculated on a daily basis and will be transferred to the Customers Mobile Account at the end of every month
• Ease of Deposit and Withdrawal: Customers will have the option to deposit and withdraw from their Mobile Accounts through more than 20,000 Easypaisa retail outlets across the country.
• Flexibility of a Mobile Account: Khushaal Munafa Customers will have access to the complete product portfolio offered on the Easypaisa Mobile Account including Money Transfer, Utility Bills payments, Easy load and others
• Market Competitive Returns: Khushaal Munafa Customers will be offered market competitive profit rates of up to 9% based on the Khushaal Munafa plan they subscribe to to.