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Tuesday 23 July, 2024
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CEO Easypaisa and Telenor Microfinance Bank Resigns

BY Shahzad Saeed May 23, 2023. 04:34 pm UPDATED: May 23, 2023. 04:36 pm

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The CEO of Telenor Microfinance Bank, M. Mudassar Aqil, is said to have resigned in order to pursue a new opportunity abroad. Concerns have been raised about Telenor Microfinance Bank’s future plans and its Easypaisa mobile wallet service.

By declaring its first-ever profit, Telenor Microfinance Bank recently marked a significant milestone that showcases its development and advancement in the financial industry. The bank credited the growth of branchless banking and increased investment as contributing factors to its success.

Telenor Microfinance Bank made significant strides toward reducing its pre-tax losses in the first quarter of 2023. The bank reduced its losses from PKR 2.185 billion to PKR 185 million, a reduction of over 90% when compared to the same period in the previous year.

The bank also saw impressive revenue growth, generating PKR 1.25 billion, a significant increase of 353% from January to March 2023.

Read more: Pakistanis Consumed Tea Worth Rs 110 Billion in Just Ten Months

 

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