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Easypaisa is not shutting down operations after December 2023

Easypaisa will continue to function independently after ending the lease agreement with Telenor

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Claim: Social media posts allege that Easypaisa will shut down its services in Pakistan after December 2023.

Fact: The claim is false as Easypaisa is an independent financial institution, licensed and governed by the State Bank of Pakistan (SBP). It will not be affected after Telenor is sold to PTCL.

On 20 December 2023, a Facebook user posted an image (archive) that, when translated to English, says, “PTCL has bought Telenor Pakistan.” The post is accompanied by an Urdu caption, that when translated into English reads, “Is this true???? Withdraw money from your easy paisa account. Telenor company has been sold. Do not buy any packages before 1st January 2024 or keep money in easypaisa account after 31st December 2023 maybe your money will be lost.” 

Fact or Fiction?

Easypaisa – a mobile wallet and online banking services provider was founded in October 2009 by Telenor Pakistan. The news started making rounds on social media after it was officially announced that Pakistan Telecommunication Company Ltd. (PTCL) had acquired all shares of Telenor in Pakistan.

Following the news, social media users began to share allegations that, following the sale of Telenor Pakistan, Easypaisa might close its services in Pakistan. These posts also encouraged customers to withdraw money from their easypaisa accounts and mobile apps.

On December 17 2023, Easypaisa refuted the allegations in a post on X, telling its users that the sale of Telenor Pakistan won’t affect their business since the company is not a part of the transaction.

According to the organisation’s statement, “Telenor Microfinance Bank (TMB) & easypaisa is an independent financial institution, licensed and governed by the State Bank of Pakistan (SBP).” and it confirmed that all customers’ “deposits are completely secure, and this development will not impact them in any way.”

Furthermore, Soch Fact Check could not find any official announcement by Telenor Pakistan on discontinuing easypaisa services after December 2023.

Virality

The false claim regarding easypaisa services can be seen here, and here on Facebook.

On X, the false claims were shared here and here.

Conclusion: Easypaisa is not shutting down its operations in Pakistan after Telenor’s sale to PTCL. The claims circulating on social media are false.

 

 

Background image in cover photo: Easypaisa LinkedIn

 

To appeal against our fact-check, please send an email to appeals@sochfactcheck.com 

 

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