ISLAMABAD: M. Mudassar Aqil, the Chief Executive Officer (CEO) of Telenor Microfinance Bank, has reportedly stepped down from his position to pursue a new opportunity abroad, according to reliable sources.
The departure of Aqil raises questions about the future strategic direction of Telenor Microfinance Bank and its mobile wallet financial services platform, Easypaisa.
Telenor Microfinance Bank recently announced a significant milestone with its financial results, as the institution reported a profit for the first time, indicating its growth and progress in the financial sector. The bank credited its success to factors such as equity injection and substantial revenue growth in branchless banking.
During the first quarter of 2023, Telenor Microfinance Bank significantly reduced its pre-tax losses by over 90%, from PKR 2.185 billion in the same period last year to PKR 185 million. The bank also achieved remarkable revenue growth, with earnings reaching PKR 1.25 billion, reflecting a substantial increase of 353% from January to March 2023.
Telenor Microfinance Bank’s Profitability
The CEO had previously highlighted the bank’s profitability, emphasizing the significant foreign direct investment (FDI) of over USD 300 million dedicated to scaling, innovation, and digital transformation over the past five years.
With M. Mudassar Aqil’s resignation, the future strategic direction of Telenor Microfinance Bank and Easypaisa becomes a point of focus. The bank’s leadership will need to navigate this leadership change and ensure a seamless transition to maintain the bank’s growth trajectory and its position as a leading player in the financial technology sector in Pakistan.
Finding a capable CEO who can effectively steer the organization towards continued success will be crucial. The industry will closely monitor the appointment of a new leader who can capitalize on the bank’s recent achievements and drive further innovation and growth.
Telenor Microfinance Bank and Easypaisa will need to adapt to this change while remaining dedicated to delivering high-quality financial services to their customers and contributing to the digital transformation of Pakistan’s economy.
