Jazz, alongside its subsidiaries JazzCash, Mobilink Microfinance Bank (MMBL), and other VEON Group digital entities in Pakistan, has reported impressive financial results for Q3 2024, marking a significant milestone in its digital transformation.
The company’s strategic shift to a ServiceCo model has driven strong growth, enabling Jazz to respond quickly to the increasing digital needs of its customers in fintech, cloud, data centers, software, and connectivity sectors, according to a recent press release.
Total revenues for Q3 2024 grew by 22.6% year-on-year (YoY) in local currency, driven largely by the company’s digital-first approach, which aligns with Pakistan’s ongoing digital transformation. The ServiceCo model has been a key factor in enhancing customer engagement and expanding the company’s 4G user base, with Jazz’s 4G subscribers increasing to 49.4 million, marking a 14.5% YoY growth. This growth reflects the company’s broader efforts to bring high-value digital services to Pakistan’s diverse population.
In the fintech sector, JazzCash experienced remarkable growth, with revenues surging by 85.5% YoY. The service’s EBITDA increased dramatically from PKR 561 million in Q3 2023 to PKR 3.2 billion in Q3 2024. Similarly, MMBL’s revenue growth reached 56.3% YoY, with EBITDA soaring to PKR 4.5 billion, reflecting 124% growth. Jazz’s total EBITDA grew by 14.7% YoY, marking the company’s seventh consecutive quarter of 20%-plus revenue growth, underscoring its operational strength and resilience.
Jazz’s customer-focused strategy also paid off, with the number of multiplay B2C customers increasing by 23% YoY. These customers now account for 58.8% of B2C revenues, significantly outperforming voice-only users, who generate 3.5 times the average revenue per user (ARPU). This shift highlights Jazz’s growing role in Pakistan’s digital evolution and its increasing dominance in the telecommunications and fintech space.
CEO Aamir Ibrahim celebrated Jazz’s 30th anniversary by emphasizing the company’s strong digital and fintech portfolios. He noted that Jazz’s transition to a ServiceCo model had been a resounding success and had positioned the company as a key player in Pakistan’s digital and financial inclusion landscape. “Our Q3 results reflect our mission to use technology to transform lives and livelihoods across Pakistan, particularly for women and youth,” Ibrahim said.
Jazz’s fintech initiatives continued to thrive, with JazzCash reaching 19.2 million Monthly Active Users (MAUs) and a Gross Transaction Value of PKR 8.4 trillion, an increase of 59.4% YoY. Daily digital loan issuances surged by 111% YoY, further cementing JazzCash’s role in financial inclusion. Meanwhile, MMBL’s ‘Invisible Heirs’ campaign, advocating for women’s inheritance rights, won international recognition by securing the GSMA M360 Asia-Pacific ‘Digital Nations Video Creativity Award.’
With strong growth across its digital services and a clear commitment to financial empowerment, Jazz is poised to continue its leadership in Pakistan’s digital transformation, fostering a more inclusive and connected future for the nation.
