Billa & Melinda Gates Foundation has been gracious enough to give a grant of us$ 6.5 million to Easypaisa to fuel the adoption of its services among poorest households of Pakistan. A press conference was held at Telenor Pakistan’s head office in which the grant was announced.

Roar Bjaerum, Vice President of Financial Services at Telenor Pakistan, said

Financial exclusion of the lower income population is a systemic challenge in Pakistan. With more than 85% of population not having access to formal savings or credit products, many households are vulnerable to fluctuations in daily income and unable to absorb economic shocks from unexpected events. Easypaisa’s vision is to serve as a vehicle for financial inclusion for such households. The grant will help us accelerate adoption of Easypaisa services among poor and unbanked individuals

Rodger Voorhies, Director of the Gates Foundation’s Financial Services for the Poor initiative, said:

While Easypaisa has seen rapid adoption of its payment and remittance services, adoption of mobile financial services, like savings and insurance, has been slower, this grant aims to accelerate adoption of Easypaisa’s Mobile Account among poor and unbanked households to create a foundation for the delivery of savings, insurance, and other mobile financial services.

Such a significant grant by Bill and Melinda Gates foundation not only sheds light on the philanthropic nature of Microsoft’s founder, but also to his aim to fight poverty across the world. Hundreds and thousands of poor households will be able to access financial services in Pakistan if this grant is utilized effectively for the purpose it is provided instead of marketing the Easypaisa brand.