M. Mudassar Aqil, the CEO of Telenor Microfinance Bank, has reportedly resigned from his position to pursue a new opportunity abroad. This has raised concerns about the future plans of Telenor Microfinance Bank and its mobile wallet service, Easypaisa.
Telenor Microfinance Bank recently achieved a significant milestone by reporting its first-ever profit, indicating its growth and progress in the financial sector. The bank attributed its success to factors such as increased investment and significant revenue growth in branchless banking.
In the first quarter of 2023, Telenor Microfinance Bank made substantial progress in reducing its pre-tax losses. Compared to the same period last year, the bank decreased its losses by over 90%, from PKR 2.185 billion to PKR 185 million.
Additionally, the bank experienced remarkable revenue growth, earning PKR 1.25 billion, a substantial increase of 353% from January to March 2023.
