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Our Shareholders Annual Report 2019 Long Term Short Term TELENOR MICROFINANCE BANK STRENGTHENS FURTHER A+ A1 Telenor Microfinance Bank received Rated by USD 70 million equity investment VIS & PACRA from shareholder Ant Financial (Alibaba Group). Serving 30 million customers with a country wide branch network and over 150 thousand agents, Telenor Microfinance Bank continues to lead the financial transformation through collaboration and technology enabling a digital Pakistan. Our Shareholders Annual Report 2019 Easypaisa New look waiting for marketing Our Shareholders Annual Report 2019 2019 at a Glance 2.23 M 110% 2018 305.76 M 554 K Volume of Easypaisa 2019 643.74 M 302% Transactions Easypaisa App Users (active) 2018 2019 34% 2018 682 B Value of Easypaisa 2019 915 B Transactions 6.35 M 3.25 M 29% 2018 694 K 95% Total Borrowers 2019 896 K Easypaisa mWallet Accounts (active) 2018 2019 18% 2018 160 B Total Loans Disbursed (since 2019 190 B inception) 17.18 M 2018 132 K 9.19 M 15% 2019 153 K Easypaisa Agents 86% Total Depositors 2018 2019 Our Shareholders Annual Report 2019 Experience the all new easypaisa app Easypaisa Milestones For all the latest promotions #1 4.4 finance app app store of 2019 rating Transaction Account history details Instant bill payments Money transfer Send digital money Order new debit card 3x 2x growth in active more app For QR payments app users in 2019 downloads Our Shareholders Annual Report 2019 Impacting Digital Economy Foreign Investment USD 140 Million Sizeable international investment in any bank operating in Pakistan Annual Throughput More than PKR 1 Trillion Investment in Customer Education and Engagement App Users PKR 5 Billion in 2019 More than 2 Million Highest number of users of any financial app in Pakistan Donations PKR 56 Million (2019 – May 2020) Balance in Mobile Accounts Customers’ donations to different charities and relief funds More than PKR 14 Billion Digital Payments PKR 12 Billion (2019 – May 2020) Digital payments made by users including online Monthly Mobile Account Transactions payments (MA), QR payments, till payments, Masterpass QR 10 Transactions On average per mobile account per month Partnerships More than 1200 Industry Players Telecom, food delivery and restaurants, ride hailing, Retailers fuel stations, e-commerce, government and others More than 150,000 Retailers Largest footprint of branchless agents in the country Direct Integration with all Telcos Processing 10% of airtime recharge Our Shareholders Our Journey 13 New Initiatives 48 About Us 16 Our Culture 51 Vision, Mission & Values 17 Our Conduct 53 Our Strategy 18 Conduct Pillars 54 Awards & Recognition 19 Directors’ Report to the Shareholders 57 Board of Directors 21 Directors’ Report to the Shareholders Urdu 67 Leadership Team 23 Six-Year Financial Summary 68 Table of Table Message from the Chairman 25 Independent Auditor's Report 71 Contents Message from the CEO 28 Balance Sheet 74 Technological Expertise 31 Profit & Loss Account 75 Financial Solutions 35 Statement of Comprehensive Income 76 Our Partners 39 Statement of Changes in Equity 77 Our Retailers 43 Cash Flow Statement 78 Our Customers 45 Notes to the Financial Statements 79 Internal Complaint Handling Mechanism 47 Pattern of Shareholding 117 11 12 Our Shareholders Annual Report 2019 Our Journey Innovation in Payments - The Innovators Award First Brand Revamp Branchless Uthao Pehla Banking Qadam License TM granted by State Bank of Pakistan Launched (SBP) first ever Consumer Voice Aided Choice GSMA Award Biometric Award Winner 2014 ATMs in Best Best Mobile Pakistan Established Winner of Product Easypaisa Microfinance Launched Rebranding National 3 Base of Pyramid Bank in Home Telenor Group Footprint Awards Pakistan Based Solar completed 100% from SBP in Financing acquisition 2010-11 Strategic partnership with Ant Financial Launched Launched Launched Services Group to st Micro country’s 1 Smart Transformation deliver inclusive Group Bill Payment Business to Telenor financial services in Microfinance Bank Pakistan Lending & Money Launched Shops Pilot Transfer Private School LMFCs Service Financing Launched Most 24x7 Innovative Banking 2012 2014 MFI Award 2006 2007 2008 2009 2011 2015 2016 2017 2018 2019 Launched Phone Launched Won the Launched Easypaisa Pakistan’s Launched First Retail Banking Doorstep largest Microfinance May 2018 Best Mobile Agri Group Money Transfer Sehat Sahara Lending Money Microfinance Bank Lending Bank & second largest Commercial Mobile Network launch of Launched against Launch of to be listed Gold & at the KSE partner up easypaisa QR Micro the Year Won People’s payments New Saving with Masterpass Easypaisa Business Best New Choice Lending Certificates Award for QR app launch Entrant in easypay Global Mobile Launched Money Transfer Easypaisa Android App, Car August 2018 Award Insurance & Rs. Launch of Digital Lending Easypaisa Loan Launched Obtained Gold Savings Launch of License from Program Launched the online Easypaisa State Bank of Pakistan AWARDS payment gateway for Soft launch of the Enable Pay (SBP) E-Commerce merchants new and and Credit app Launched Tameer Bank and Black Friday at improved Micro Health Launched Daraz.pk easypaisa app on android and iOS Insurance Senior Citizen Launched Won “Bank Acquired 51% by Savings Product Handset the Unbanked” Launched Pakistan’s Country’s Financing and “Best first online donation Launched blockchain Tameer Microfinance Bank” portal, donateonline. enabled international Micro Finance Bank Limited Second Largest award at Pakistan Telecom Operator Rs. remittance in Moved to new, Banking Awards collaboration with custom built Alipay (China) and offices in 2005 Launched Launched Valyou (Malaysia) Karachi and Micro Savings Dairy & Animal Islamabad Program Financing Received Second Tranche of Investment from Ant Financial The largest Project MORR & fastest launched BVS deployed to digitize loan on retail channel application forms 13 14 Our Shareholders Annual Report 2019 About Us Telenor Microfinance Bank Limited is designed to operate as a FinTech that brings in cutting edge technology solutions to the financial sector through the Bank’s digital platform Easypaisa. Over the years, the Bank has played a major role in transforming the digital financial landscape of Pakistan by enabling millions of customers to adapt to convenient and secure digital financial solutions. Telenor Microfinance Bank is jointly owned by Telenor Group, the leading telecommunications company across the Nordics and Asia with 186 million customers, and Ant Financial Services Group, an affiliate company of Alibaba Group and the operator of the world's leading open digital lifestyle platform, Alipay. With a distribution network of over 150 thousand agents and 156 touchpoints nationwide, Telenor Microfinance Bank is one of the largest microfinance banks of Pakistan that provides a range of innovative banking solutions and related financial services to the underprivileged and unbanked segment of the country, with an aim to empower societies. 15 16 Our Shareholders Annual Report 2019 Our Strategy Vision Creating a transparent economy that all Pakistanis can participate in. Mission Transforming Pakistan into a cashless and financially inclusive society by creating value through the power of collaboration and technology. Values Our values serve as a guide for our way of work. They describe how we, through our collaborative efforts, serve our customers better. Always explore Keep promises We believe growth comes We believe that trust is key in all our from learning every day. relationships. We take ownership We’re curious and we dare and pride in delivering with to challenge, test, fail fast precision and integrity. and pivot. Create together Be respectful We believe diverse teams We believe in the unique human find better solutions. We ability to understand what seek different matters for people. We meet perspectives, share, everyone at eye level, listen and involve and help each show that we care. other succeed. 17 18 Our Shareholders WINNER Awards & Recognition Winner of 'Innovation in Payments Award' Under 'The Innovators 2020' banner of Global Finance Magazine WINNER WINNER Winner of ‘Innovation in Payments Award’ Under ‘The Innovators 2019’ banner of Global Finance Magazine Winner of ‘Most Innovative MFI’ 13th Citi Micro-entrepreneurship Awards 2019 Nominations for GLOMO Awards at Mobile World Congress 2020 Barcelona NOMINATED NOMINATED Most Innovative Mobile App Diversity in Tech Award 19 20 Our Shareholders Annual Report 2019 Board of Directors Board of Directors Irfan Wahab Khan M. Mudassar Aqil Zhixian Li Zheng Liu Chairman President and CEO Director Director Henning Thronsen Ji Xu Uzma Khan Director Director Independent Director People Committee Audit Committee Irfan Wahab Khan Henning Thronsen Zhixian Li Uzma Khan Uzma Khan Zheng Liu IT Committee Risk Management Committee Irfan Wahab Khan Zhixian Li Zhixian Li Henning Thronsen Uzma Khan Auditors KPMG Taseer Hadi & Co Legal Advisors HaidermotaBNR & Co. 21 22 Our Shareholders Annual Report 2019 Leadership Team Leadership Team M. Mudassar Aqil President and CEO M. Farhanullah Khan Sadeed Barlas Pouruchisty Sidhwa Jahanzeb Khan Chief Financial Officer Chief Risk Officer Chief Human Resource Chief Strategy & Officer Transformation Officer Khurram Malik Syed Ahmar Nizam Khurram Gul Agha Aamir Ali Head of Easypaisa Head of Branch Chief Information Officer Chief Compliance Banking and Head of Operations Officer Company Secretary Internal Auditor M. Aslam Hayat Dhunjishaw Jagus Chief Legal Officer
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