Press Releases

24
February 2015

Easypaisa brings Solar Energy to Pakistanis with no electricity

Karachi – February 17, 2015: Pakistan’s first and largest branchless banking service and a joint venture between Tameer Microfinance Bank and Telenor Pakistan, Easypaisa has collaborated with Roshan Energy to launch a first of its kind Solar Home Solution. The innovative pay-as-you-go model enables customers to purchase and use Roshan Energy’s reliable solar solutions with an upfront payment of just 15%, whereas the remaining payments can be paid within 18 months through Easypaisa.

 

The product is based on a unique Pay As You Go (PAYG) model allowing users to top-up their Solar Home Solution from any of the 55,000 Easypaisa shops across the country or directly through their Easypaisa Mobile Accounts. The Solar Kits have a unique microcontroller which shuts down the Solar System automatically once the Top-Up amount has been consumed. Once all instalments are paid, the microcontroller becomes inactive and the Solar Solution will continue functioning without any further Top-Ups required. The ownership of the Solar Kit is transferred over to the customer upon consuming a total recharge amount equal to the total cost of the solar kit.

 

This unique model has empowered customers to pick whether they want their solar equipment to work for a full month or just for a day. Currently, there are three Solar Solution Models being offered ranging from 30 to 100 watts solar panels.

 

On this occasion, Nadeem Hussain, CEO Tameer Microfinance Bank said, “We have always aimed at developing products that change people’s lives for the better. Easypaisa is committed to accelerate socio-economic development by empowering people through innovative technologies. The launch of the Solar Home Solution is yet another testament of our vision to empower Pakistanis by delivering groundbreaking services with a transformative effect.”

 

Uzair Tahsin, CEO of Roshan Energy, sharing his views said ”Low income consumers can afford a small Solar Home System provided the payment plan matches the existing payments structure for Kerosene, Candles, Batteries and Phone Charging. We have transformed electricity expenditure into an asset purchase.”

 

Expressing his delight, Yahya Khan, Chief Financial Services Officer, Telenor Pakistan said, “This initiative will empower nearly 40% of the Pakistanis who live off the grid with access to clean and affordable solar energy. A large number of our rural population lacks access to the electricity and are dependent on expensive, inefficient fuel-based sources. The Solar Home Solution will provide a sustainable, affordable and long-lasting electricity solution,” he added.

 

The Solar Home Solution has been rolled out in Hyderabad, Thatta, Badin, Tharparker and Rahim Yar Khan so far. Currently, the loan applications are accepted at selected Tameer Bank branches and Telenor Sales & Service Centres, with the aim of extending the solution to all Easypaisa shops.

 

About Easypaisa

Pakistan’s first and largest branchless banking solution, Easypaisa, was launched jointly by Tameer Micro Finance Bank and Telenor Pakistan in 2009. Easypaisa has the largest financial footprint in Pakistan with over 55,000 Easypaisa shops in more than 800 cities across the country. Nearly 500,000 transactions are conducted on Easypaisa every day by 13 million active customers. In 2014, Easypaisa moved nearly 2% of Pakistan’s GDP. Easypaisa has the largest product portfolio of services for its customers including remittances, payments, savings and insurance and offers ATM cards and IBFT services that work with all banks connected through 1-Link in Pakistan. In February 2014, out of more than 250 Mobile Money services around the world, Easypaisa was awarded two GSMA Awards, including the “Best Mobile Money Service in the World” at the Mobile World Congress, Barcelona, Spain. For more information, please visit: http://www.easypaisa.com.pk

 

About Tameer Microfinance Bank Limited

Tameer Microfinance Bank Limited (TMFB) is the first scheduled and largest Microfinance Bank in Pakistan. Incorporated in 2005, it provides micro‐finance and related financial services to the less privileged and unbanked segment of the society with an aim to contribute towards poverty eradication under the Microfinance Institution ordinance, 2001. TMFB currently has 153 customer touch point’s nationwide offering a range of financial services including Deposits, Loans, Mobile Accounts, Health Insurance, Remittances, Cash management services, Bank on Wheels. Based on the results for the year ended 31 December 2013, the credit rating company PACRA upgraded the long‐term entity rating of Tameer to "A+" (Single A Plus) [Previous: "A"] while maintaining the short‐term rating at"A1" (A One) as of February 27th, 2014.

 

About Telenor Pakistan

Telenor Pakistan is a provider of high quality telecommunication services in Pakistan since 2005. It has 36 million subscribers, over 2,800 employees and a nationwide network covering more than 8,000 cities. Telenor also holds a majority share in Tameer Micro Finance Bank Limited. Telenor Pakistan is 100% owned by Telenor ASA and adds on to operations in Asia. For more information, please visit: http://www.telenor.com.pk

 

About Roshan Energy/Zahra Communications:

Zahra Communications (Pvt) Ltd was established in 2002 is an Information Technology based company specializing in telecommunication, technology management and IT infrastructure development. Zahra is the only company in Pakistan which has the honor in assisting the Government of Pakistan in launching their first Satellite Pak Sat1 in 2002 and has worked on various high-profile projects since then. Zahra launched ROSHAN ENERGIES (Pvt) Ltd when they did a project for solar tube wells and realized the potential for solar in Pakistan. Their in-house research and development for metering and software has been successful enabling them to to launch the first of its kind in Pakistan PAY AS YOU GO SOLAR HOME SYSTEM FOR THE POOR. The company motto is "Zindagi hai Roshani".