M. Mudassar Aqil, CEO of Telenor Microfinance Bank Limited (Easypaisa), has resigned to pursue a new opportunity overseas, according to official sources.
With Aqil’s departure from the helm, Telenor Microfinance Bank and Easypaisa’s future strategy becomes clear.
The bank’s leadership will need to navigate this leadership transition and ensure a smooth transition in order to maintain the bank’s growth trajectory and position as a leading player in Pakistan’s financial technology sector.
The departure of Aqil raises questions about Telenor Microfinance Bank and its well-known mobile financial services platform Easypaisa.
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While Pakistan struggles to keep up with the global pace of digital transformation, Telenor Microfinance Bank and Easypaisa should adapt while continuing to provide high-end financial services to their customers.
Telenor Microfinance Bank/Easypaisa claims to have cut its losses by more than 90% in the first quarter of 2023, from Rs. 2.185 billion in the same period the previous year to Rs. 185 million.
The bank’s revenue also increased dramatically, with earnings reaching Rs. 1.25 billion, a 353 percent increase from January to March 2023.
The bank’s success has been attributed to factors such as equity investment and significant revenue growth in branchless banking.
