Telenor Group has acquired Prabhu Money Transfer, a licensed money services business based in Malaysia that provides international remittance services. By taking 100% share capital in Prabhu, Telenor plans to deliver financial services efficiently, securely and at a lower cost to its 12.3 million customers in Malaysia.
Prabhu boasts a multi-country international remittance platform that serves various customer groups and is backed with substantial remittance know-how and competence within the industry.
According to Telenor, the acquisition will fortify its commitment in continuing to deliver more financial services in the region, and the Group’s target of reaching 100 million MFS users globally by 2020. Telenor Group claims that it has surpassed 20 million MFS customers to date and will aim for a total of 27 million this year.
Tine Wollebekk, SVP and Head of Financial Services
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 from 51 per cent to 62 per cent.