Keenu, a leading player in digital payment services and an Electronic Money Institution (EMI), has announced management buyout that saw Saad Niazi assuming role of the acting CEO.
Keenu is a fintech company present in over 150 cities of Pakistan.
Launched in 2013, it is one of the key players in the Point of Sale (POS) services with a customer base spanning multiple categories, including food, fashion, and groceries.
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Keenu has an estimated over $1 billion or almost Rs300 billion annual throughput. Holding an EMI license from the State Bank of Pakistan (SBP), it is considered one of the pioneers of mobile wallets in the country.
Niazi’s appointment as the acting CEO of Keenu comes at an opportune inflection point as cashless transactions continue rising in Pakistan.
“Companies like us will enable Raast payments. And the retail sector is also gradually being brought into the tax net, which is increasing our importance and therefore we are seeing our business thriving in coming years,” Niazi told Business Recorder.
In the last five years, Pakistan has witnessed an exponential growth in digital payments across all channels, from mobile banking to e-commerce. POS throughput crossed Rs1 trillion mark in the fiscal year 2023 for first time ever.
“We have only scratched the surface so far and the industry is at the cusp of a disruption, thanks to a progressive regulatory environment. With the launch of Raast person-to-merchant module, the rails for digitisation have been set in place and we hope to play our part,” he said.
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Under the patronship of the SBP, Raast is Pakistan’s first instant payment system that enables end-to-end digital payments among individuals, businesses and government entities instantaneously.
Niazi has worked with Keenu for over ten years, previously serving as the Chief Operating Officer (COO).
“I am thrilled to lead Keenu into this exciting phase of growth and innovation. Our vision is to revolutionise payment services, delivering unparalleled convenience, security, and accessibility to our users.
“We are committed to driving positive change and reshaping the future of financial transactions. My priority is to accelerate our growth by enhancing our products, amplifying our marketing, delivering a frictionless payments experience and extending our footprint outside Pakistan.” Niazi said.
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He shared that the company would initially be expanding to at least one country, most probably in the Middle East in 2024.
Keenu’s buyout has been made by Saad Niazi and other founding members, including Raja Faisal Zaman, Ali Islam Khan, Sheikh Nabeel Wahid, Arbab Sikander and Immad Aslam.
“We are now aggressively looking to grow our business beyond payments and to drive growth,” said Ali Islam Khan. “The company is now looking to expand its footprint beyond Pakistan with more focus on increasing their technological capabilities.”
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