Bharti Airtel has appointed Manish Khera as the CEO of Airtel mcommerce services limited (AMSL), which operates the semi-closed wallet under the brand name ‘Airtel Money’. In his new role, Khera will be a part of Airtel’s management board and report to MD & CEO of Airtel Gopal Vittal (India & South Asia).
Prior to Airtel, Khera was the MD and CFO at YTS Solutions for over a year, before which he worked as the MD and CEO at FINO for over eight years from 2005 to 2013. Khera was also the JGM at ICICI Bank for over 13 years between 1993 and 2007, where he had joined as the joint general manager.
Last week, Bharti Airtel appointed Jinesh Hegde as the CEO of its Sri Lanka operations. Hegde replaced Suren Goonewardene, and was to report to Ajai Puri, Airtel’s Director of Market Operations (India & South Asia). Hegde’s predecessor Goonewardene was re-designated as a non executive chairman of Airtel Sri Lanka.
Payments Bank license: Airtel Money parent AMSL, which already has a prepaid payments instrument licence from the Reserve Bank of India (RBI), applied for a payments bank license earlier this year. The company had said that if it gets a payments bank licence, Kotak Mahindra Bank will pick up 19.90% stake in AMSL. This is most likely a strategic partnership and they might get expertise and leverage from Kotak Mahindra Bank.
Airtel Money results: Airtel Money‘s total value of transactions in Africa grew 31.4% to $2.9 billion for the quarter ended March 31, 2015 from $ 2.2 billion in the same period last year. The total customer base using the Airtel Money platform increased by 76.4% to 6.2 million as compared to 3.5 million in the corresponding quarter last year while the total number of transactions during the quarter has grown by 72.2% to 156.8 million as compared to 91.0 million in the same quarter last year.