Pakistan’s leading fintech platform, JazzCash recently unveiled its three-year roadmap to accelerate Pakistan’s journey towards a cashless society. The roadmap was presented by Murtaza Ali, President of JazzCash along with his team to Kaan Terzioglu, Group CEO of VEON and Chairman of Jazz Board, and Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank, at VEON’s global headquarters in Dubai.
VEON reaffirmed its commitment to supporting JazzCash’s vision, offering its global resources and expertise to solidify the digital payment ecosystem in Pakistan.
The transition to a cashless society is the key to unlock Pakistan’s true growth potential, integrating the informal economy into the formal sector, driving financial inclusion, facilitating greater tax compliance, and ultimately boosting government revenues, positioning Pakistan for a more robust and sustainable socioeconomic landscape.
VEON, the largest Nasdaq-listed company with its headquarters in Dubai, is a global digital operator providing integrated connectivity and digital services across six countries. It also recently announced a US$ 15 million investment in Mobilink Microfinance Bank to advance its strategic goals, including promoting MSME growth, expanding into Islamic banking, and strengthening its digital capabilities.
Kaan Terzioglu, Group CEO of VEON and Chairman of the Jazz Board, said, “As a leader in Pakistan’s digital ecosystem, we are committed to driving the transition to a cashless society and ensuring that every Pakistani citizen and micro-entrepreneur has access to affordable payments, savings, credit, and insurance services that meet their diverse needs. With our global expertise and local investments, we will extend full support to JazzCash in accelerating financial inclusion, empowering businesses, and helping integrate the informal economy into the formal sector.”
Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank, said, “What began with utility bill payments and domestic transfers—has evolved into Pakistan’s largest and most transformative financial services platform. With nearly 20 million monthly active users, JazzCash is driving a shift from a cash-based economy to a digital one, contributing to the State Bank of Pakistan’s vision and the government’s goal of digitizing the economy.
Today, JazzCash has the largest QR payments network in Pakistan, with over 360,000 merchants, and the country’s largest digital loan issuer, having disbursed 80 million loans for productive purposes. It is also the nation’s largest e-commerce payment gateway having processed over PKR 160 billion last year alone.
We will continue to expand access to financial services, helping drive financial inclusion, particularly for women, facilitating small businesses, and supporting the economic empowerment of underserved communities across Pakistan.”
In 2024, JazzCash processed a transaction value equivalent to approximately 9% of Pakistan’s GDP and accounts for more than 50% of all IDs on Pakistan’s national payment platform, RAAST, underscoring its critical role in the country’s economic fabric. At the heart of JazzCash’s mission is a commitment to financial inclusion, particularly for women.
Going forward, JazzCash aims to expand its footprint in the region, especially in the Gulf, to facilitate cross-border payments. It already has a partnership with the United Arab Emirates-based financial service provider, du Pay, for smooth cross-border transactions powered by Western Union, enabling Pakistani nationals to send money directly to JazzCash mobile wallets back home.
JazzCash will also focus on insurtech, introduce investment tokenization, substantially expand its digital merchant base, and increase the net addition of female customers to 50%, with a strong emphasis on supporting women-led businesses and freelancers.
JazzCash has unveiled its ambition at a crucial time, as the State Bank of Pakistan (SBP) aims to improve the level of financial inclusion in Pakistan to 75% and reduce the gender gap to 25% by 2028, according to the third National Financial Inclusion Strategy (NFIS).
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