Telenor Group have opened their first wholly owned financial institution in Serbia, providing mobile and online banking services in a bid to stimulate economic growth.
Around 80 percent of transactions performed by the 7 million strong population of Serbia are done in cash. Telenor’s online bank will attempt to encourage more consumers to save via bank accounts, build credit histories, and pay for transactions digitally.
Telenor customers will be able to access the bank’s own and other ATMs for money withdrawals and deposits via an agreement with MasterCard. Telenor banka customers will be able to open their account at Telenor service shops across Serbia.
“Telenor banka is an example of how we can contribute to the digitalization and development of society, while at the same time responding to the needs of individuals by offering simple and on-the-go mobile solutions,” said Telenor Group President and Chief Executive Officer Jon Fredrik Baksaas. “Mobile financial services are key to our Internet for All strategy, an ambition to connect the unconnected and built on our belief that the internet is for everyone. The mobile phone is the essence to simpler money transfers, readily accessible savings accounts, new methods of bill payment and even insurance products.”
Mobile banking is not new to Telenor. The company co-owns Pakistan’s Easypaisa service, the third largest mobile money deployment in the world. Easypaisa, a venture between Tameer Microfinance Bank and Telenor, today serves over 6 million customers every month through a wide network of 30,000 agents in 700 cities across Pakistan. In Norway, Telenor is in partnership with local banks driving the mobile wallet and cashless payment Valyou and the mobile BankID solution.
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