Pakistan microfinance bank welcomes back one of its co-founders as new chief executive.
Telenor Microfinance Bank has a new CEO in the shape of Shahid Mustafa, who returns to the company he helped to found more than a decade ago.
He replaces Ali Chaudhry, who took on the president and CEO role when Telenor took full ownership of the bank – then known as Tameer Microfinance Bank – 18 months ago.
"[I am] back working in the great institution I had the honour to help create. We were dreamers, but our dreams are now reality," Mustafa said, on LinkedIn.
"Time now to dream even bigger dreams – universal access to digital financial solutions, reduce cost, add functionality, build a safety net, etc," he said. "It is going to be a great journey."
Mustafa has held a number of positions in his 20-year career, including a regional level leadership role at Citibank, COO of the Wholesale Bank in Qatar, several roles at Standard Chartered Bank Pakistan, and the founding CEO of Pakistan Microfinance Investment Company.
Telenor Microfinance Bank’s mission statement is to "provide the unbanked of the world with instant access to relevant, convenient and affordable financial services."
It claims to have a distribution network of 75,000 agents and 171 branches across Pakistan, and has offered access to the Easypaisa mobile banking platform since 2009.