There's an easier way.

#import <QuartzCore/QuartzCore.h>
// remember to include Framework as well

CALayer *mask = [CALayer layer];
mask.contents = (id)[[UIImage imageNamed:@"mask.png"] CGImage];
mask.frame = CGRectMake(0, 0, <img_width>, <img_height>);
yourImageView.layer.mask = mask;
yourImageView.layer.masksToBounds = YES;

For Swift 4 and plus follow code below

let mask = CALayer()
mask.contents =  [ UIImage(named: "right_challenge_bg")?.cgImage] as Any
mask.frame = CGRect(x: 0, y: 0, width: leftBGImage.frame.size.width, height: leftBGImage.frame.size.height)
leftBGImage.layer.mask = mask
leftBGImage.layer.masksToBounds = true