Telenor Group acquires Prabhu Money Transfer

Telenor has a presence in 13 markets across Asia and Europe. The company entered Asia in 1996, and has since emerged as a leading regional mobile operator, adding more than 170 million subscribers in the past decade.

KUALA LUMPUR: Telenor Group has acquired Prabhu Money Transfer Sdn Bhd, a licensed money services business based in Malaysia that provides international remittance services. The acquisition is for 100% share capital of Prabhu.
 
Telenor Group’s mobile financial services footprint in Asia will be further strengthened with Prabhu’s existing networks and well-established distribution channels. This acquisition will also fortify Telenor Group’s commitment to continue to deliver more financial services in the region.
 
“The market in Asia is at a pivotal shift, the World Bank’s 2014 Global Findex report shows that from the years 2011 to 2014, the percentage of adults with an account at a financial institution or mobile money service provider grew to 62% from 51%.

“This complements Telenor Group’s strategic ambition for mobile financial services in Asia to increase and develop services around four main pillars: payment, savings, lending and insurance, to serve the unbanked and underbanked,’’ head of financial services SVP Tine Wollebekk said in a statement.
 
“Financial infrastructure is a vital asset in all societies and through Telenor Group’s initiatives on financial inclusion, we will digitalise cash, and help strengthen and develop societies. It is our belief that over time, remitted money will be stored on a mobile wallet, which is in line with our ambition to see more than half of our customers use their mobile phones for financial services in the next five years,” she added.
 
Prabhu is a multi-country international remittance platform that provides remittance transfer services to various customer groups and is backed with substantial remittance know-how and competence within the industry.
 
Telenor Group is among the world’s leading providers of mobile financial services, with deployments across Asia and Europe and a proven ability to deliver mass-market banking services to the unbanked.

Telenor Group is present in 13 markets across Asia and Europe. The company entered Asia in 1996, and has since emerged as a leading regional mobile operator, adding more than 170 million subscribers in the past decade.