M. Mudassar Aqil, the CEO of Telenor Microfinance Bank Limited, has reportedly stepped down from his position to explore a new opportunity abroad, according to reliable sources. Aqil’s departure raises questions about the future strategic direction of Telenor Microfinance Bank and its renowned mobile financial services platform, Easypaisa.
Telenor Microfinance Bank recently released its financial results, marking a significant milestone for the institution. The bank reported a profit for the first time, signaling its growth and progress in the financial sector. The bank attributed this achievement to various factors, including equity injection and substantial revenue growth in branchless banking.
Relevant Read: Telenor Pakistan’s Sleeping Strategy Puts Business in Hot Water
In the first quarter of 2023, Telenor Microfinance Bank succeeded in reducing its pre-tax losses by over 90%, from PKR 2.185 billion in the same period last year to PKR 185 million. Additionally, the bank experienced a remarkable surge in revenue, reaching PKR 1.25 billion, reflecting a substantial growth of 353% in Jan-Mar 2023. The CEO had previously highlighted the profitability of the bank, emphasizing the significant foreign direct investment (FDI) of over USD 300 million that had been dedicated to scaling, innovation, and digital transformation over the past five years.
With the departure of M. Mudassar Aqil, the future strategic direction of Telenor Microfinance Bank and Easypaisa comes into focus. The bank’s leadership will need to navigate this change in regime 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.
The search for a new CEO who can effectively steer the organization towards continued success will be crucial. The industry will closely watch the appointment of a capable leader who can capitalize on the bank’s recent achievements and drive further innovation and growth. Telenor Microfinance Bank Limited and Easypaisa will need to adapt to this change while remaining focused on delivering high-quality financial services to their customers and contributing to the digital transformation of Pakistan’s economy.
