PACRA Upgrades the entity ratings of Easypaisa Bank Limited

Easypaisa Bank Limited (“Easypaisa” or the “Bank”) ratings reflect its strong position as a leading digital financial services provider in Pakistan, underpinned by the successful transition into a fully licensed Digital Retail Bank (DRB). Following the grant of its commercial DRB license in January 2025, the Bank has continued to demonstrate strong momentum across its digital ecosystem, supported by robust transaction volumes, rising customer engagement, and its widely adopted mobile application, which remains central to its digital franchise. The ratings upgrade incorporates the Bank’s strong technological infrastructure, scalable digital architecture, and expanding customer base, which collectively reinforce its leadership position in Pakistan’s digital banking landscape. Strategic support from sponsors, including Telenor Pakistan B.V. and Alipay (Hong Kong) Holding Limited, alongside the continued knowledge sharing and technological backing of Ant Group, remains a key rating strength, reinforcing operational resilience and long-term growth prospects. Over the years, Easypaisa has evolved into one of Pakistan’s leading digital financial services platforms, catering to both retail and business customers through a broad range of payment, lending, banking, savings, insurance, and merchant solutions. Leveraging its mobile application and extensive agent network, the platform enables seamless fund transfers, bill payments, mobile top-ups, digital lending & savings, debit card services, and a range of collection and disbursement solutions for corporate and merchant clients. Its robust digital infrastructure, extensive distribution network, and growing ecosystem continue to promote financial inclusion and reinforce its market position within Pakistan’s rapidly evolving digital financial services sector. During CY25, Easypaisa processed approximately 4.68 billion transactions with a cumulative throughput of around PKR 16.0trln, demonstrating the scale and increasing integration of its digital ecosystem. Monthly active users grew to 20mln (CY24: 16.1mln), while branchless banking deposits increased to PKR 122.8bln (CY24: PKR 72.4bln), reflecting rising customer engagement and deeper wallet adoption. The merchant network also expanded materially to 300,000 merchants.
During CY25, the Bank demonstrated strong balance sheet growth, with total assets increasing to PKR 184.8bln (CY24: PKR 108.4bln), primarily driven by expansion in its investment portfolio to PKR 113.3bln, backed by deposit growth and profit retention. Deposit growth remained robust, rising by 67.6% to PKR 127.7bln, supported by continued digital onboarding and transaction activity. The funding profile remained a key strength, with CASA deposits comprising approximately 98% of total deposits. Asset quality improved following write-offs undertaken in accordance with SBP Prudential Regulations, resulting in NPL coverage strengthening to 144.6%. Profitability also improved materially, with PBT increasing to PKR 6.8bln (CY24: PKR 3.9bln), supported by growth in net markup income and fee generation. The equity base strengthened to PKR 30.9bln, while CAR improved to 20.4%, providing a comfortable buffer to support future growth and risk absorption.
Going forward, the rating depends on the Bank’s ability to expand lending while maintaining asset quality, strengthen provisioning, sustain core profitability, and effectively manage investment and capital risks, alongside continued growth in its digital ecosystem.

About the Entity
The Bank is a joint venture between Telenor Pakistan B.V. and Alipay (Hong Kong) Holding Limited. Telenor Pakistan B.V., a public limited company headquartered in Amsterdam, Netherlands, holds a 55% shareholding, while Alipay (Hong Kong) Holding Limited holds the remaining 45%. Telenor Pakistan B.V. is a subsidiary of Telenor ASA, a telecommunications company from Norway, whereas Alipay (Hong Kong) Holding Limited is a subsidiary of Ant Group Co., Ltd., a financial technology company headquartered in China.