According to credible sources, M. Mudassar Aqil, the CEO of Telenor Microfinance Bank Limited, has resigned in order to pursue a new opportunity abroad. The departure of Aqil raises concerns regarding the future strategic direction of Telenor Microfinance Bank and its renowned mobile financial services platform, Easypaisa.
The recent publication of Telenor Microfinance Bank’s financial results represents a significant milestone for the institution. The bank’s first profit signalled its development and advancement within the financial industry. This accomplishment was attributable to a number of factors, including capital injection and substantial revenue growth in branchless banking.
In the first quarter of 2023, Telenor Microfinance Bank was able to reduce its pre-tax losses by more than 90 percent, from PKR 2.185 billion to PKR 185 million. In addition, the bank’s revenue soared to PKR 1.25 billion in January-March 2023, an increase of 353% from the same period the previous year. Prior to this, the CEO had highlighted the bank’s profitability, highlighting the significant foreign direct investment (FDI) of over USD 300 million dedicated to scaling, innovation, and digital transformation over the previous five years.
M. Mudassar Aqil’s departure clarifies the future strategic trajectory of Telenor Microfinance Bank and Easypaisa. To maintain the bank’s growth trajectory and its position as a prominent player in Pakistan’s financial technology sector, the bank’s leadership will need to navigate this change in regime and ensure a seamless transition.
Important will be the search for a new CEO who can lead the organisation to sustained success. The industry will closely observe the appointment of a competent leader who can capitalise on the bank’s recent successes and drive further innovation and expansion. Telenor Microfinance Bank Limited and Easypaisa will need to adjust to this change while continuing to provide their customers with high-quality financial services and contributing to the digital transformation of Pakistan’s economy.