Telenor revenues thru banking business grow 32pc in 2015
Telenor Pakistan with its growing branchless banking business recorded a handsome growth of 32 percent which contributed significantly to its overall balance sheet.
According to results announced by Telenor Group for different countries, the revenues from other-mobile heads mainly branchless and mobile banking increased to 283 million NOK (Norway Currency) in 2015 as compared to 214 million NOK recorded in 2014, depicting 32 percent year-onyear growth.
In terms of local currency, Telenor Pakistan earned substantial amount in its non-mobile revenue of Rs 3.462 billion in 2015 which was stood at Rs 2.618 billion showing a growth of 32 percent year-on-year growth even in local currency. Telenor Pakistan is not only an operator of Pakistan biggest branchelss banking company but it is an owner of Tameer Microfinance Bank, which is one of the leading bank with largest deposits base.
The company also launched Easypay service which is being utilized increasingly for only money transfer. Telenor is now in the process of acquiring remaining 49 percent share of Tameer Microfinance Bank which will enhance its profitability in Pakistani market significantly and boost up its cash flow and liquidity to operate its different businesses. Telenor not only received two awards in 2014 for mobile financial category but it was again nominated in the GSM Awards in the similar category for 2015. The branchless banking plays a major role in achieving financial inclusion in the country which is a paramount goal of the central bank and the sitting government.
Norway's Queen Maxima in her recent visit to Pakistan appreciated and said that Pakistan built one of the strongest foundations for financial inclusion in the world. New regulations have supported the emergence of branchless banking, a growing microfinance sector, effective payments systems and a more constructive approach to customer identification. Overall, Telenor Pakistan revenues increased to 7.75 billion NOK as compared to 5.79 billion NOK registering a growth of 34 percent year-on-year.
The financial report said that Telenor improved its ARPU in local currency increased by 15%, primarily due to the disconnection of unverified SIM cards in the second quarter and increased incoming international traffic.
Its total revenues in local currency increased by 8%, supported by continued growth in financial services and higher ARP whereas subscription and traffic revenues in local currency increased by 1%.