HugoBank expects to increase Pakistan’s bank account penetration rate to over 80% and to open 34 million new accounts by 2027 and Atyab Tahir’s appointment will help to bolster the growth further
Atyab Tahir’s proposed appointment as CEO of HugoBank, the digital bank in Pakistan run by a Singaporean consortium, was announced today. This decision is pending the State Bank of Pakistan’s determination of Tahir’s suitability. After the business is incorporated, Atyab will establish and run HugoBank in Pakistan to provide digital banking services to individuals and small businesses throughout the nation.
To lead bank’s mission in Pakistan, Atyab has more than 20 years of business expertise and in-depth knowledge of the sector. Previously, Atyab oversaw Jazzcash and worked for Mastercard as a country head. Additionally, he has held key roles with Tameer Bank and HBL where he prioritised innovation and expansion. Atyab has extensive knowledge of banking and fintech from Pakistan, the Middle East, and New York.Atyab brings the best of both industries complete with a rich understanding of the local market and its needs.
“I am thrilled to lead HugoBank at the beginning of its journey in Pakistan and am confident that our digital bank will catalyse financial inclusion and wellness for the people of Pakistan. I am excited to assemble a team to build a customer-centric bank focused on offering accessible, convenient, and secure digital financial services to underserved individuals and SMEs alike,” shared Atyab Tahir, Chief Executive Officer of HugoBank.
The bank will promote financial inclusion and literacy in Pakistan, offering products and services at price points that are accessible to everyone. The consortium aims to help Pakistan to achieve an 85% bank account penetration within five years, up from the current 16.29% and is expected to open 34 million new accounts by 2027.
Pakistan has one of the lowest credit adoption rates in the financial sector, with only 2.4% of its population having access to credit from formal financial sources and 53% of the country’s 220 million population currently financially excluded. Recognising the challenges faced in Pakistan, HugoBank is committed to introduce its state-of-the-art financial platform that will provide customers with an easy and convenient way to safeguard their money. With HugoBank, financial inclusion and literacy will become more accessible, ultimately contributing to the economic growth and wellbeing of the country.
Led by Singapore’s Atlas Consolidated, which owns and operates the fast-growing Wealthcare and savings app Hugosave, HugoBank is a joint venture formed in partnership with The Getz Group and Muller & Phipps. It received its No-Objection Certificate by the State Bank of Pakistan in January this year.
David Fergusson, CEO of Atlas Consolidated said, “We are pleased to welcome Atyab Tahir as the new CEO of HugoBank. With his extensive experience and deep understanding of the market, we are confident that he will lead HugoBank in promoting financial inclusion and literacy in Pakistan and help improve the lives of millions across the country. We are excited to work with him to provide and share international best practices and platforms to drive a positive change in the financial landscape and client’s Wealthcare.”
Source: Cio News
