MTN hires banktech exec in fintech push

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 06 Jun 2023

MTN Group has appointed M Mudassar Aqil as executive of banktech in its fintech business, MoMo, effective from 1 August.

In a statement, the firm says banktech is one of MTN fintech’s five verticals, and currently serves over 69 million monthly active users across 16 markets.

MTN says Mudassar brings with him a deep understanding of banking regulation, lending, payments and platform strategy. It notes he has a wealth of experience in the financial services industry, including a 12-year tenure as a CEO in the banking and fintech space.

Over his 25-year career, it adds, Mudassar has served in several senior executive roles in the financial services and fintech sectors across the US and Pakistan.

According to the mobile operator, his achievements include turning around two banks and a significant wallet platform as CEO, transforming them into market-leading profitable entities.

Most recently, Mudassar served as CEO of Telenor Microfinance Bank & Easypaisa (a joint venture between Telenor Group and Ant Group) in Pakistan since 2019.

During his tenure, MTN says, he successfully led the bank back to profitability, expanded the wallet business threefold to 12.5 million monthly average users – making Easypaisa Pakistan’s largest app – and revitalised its credit business through digital transformation.

Mudassar holds an MBA from Salisbury University, MD, US and is an alumnus of the Advanced Management Programme at Harvard Business School.

“We are delighted to welcome Mudassar to the group fintech team. His wealth of experience in the financial services sector and diverse background will undoubtedly ensure we continue to break new ground in our ongoing efforts to promote financial inclusion across the continent,” says Serigne Dioum, group chief fintech officer.

“Mudassar has built a stellar career through his innate ability to establish an organisational vision, develop strategic and tactical plans, and execute them with well-led and highly-effective teams. He is a strategic yet pragmatic leader, renowned for his hands-on approach to business.”