Dubai/Islamabad – January 15, 2025: JazzCash, Pakistan’s leading fintech platform, recently unveiled a comprehensive three-year roadmap to advance the country’s transition to a cashless society.
This ambitious plan was presented by Murtaza Ali, President of JazzCash, along with his team, to Kaan Terzioglu, Group CEO of VEON and Chairman of the Jazz Board, and Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank, at VEON’s global headquarters in Dubai. VEON has reaffirmed its commitment to supporting JazzCash’s vision by leveraging its global expertise and resources to strengthen the digital payment ecosystem in Pakistan.
The shift to a cashless economy is pivotal for unlocking Pakistan’s growth potential. By integrating the informal economy into the formal sector, this transition can drive financial inclusion, improve tax compliance, enhance government revenues, and position Pakistan for robust and sustainable socioeconomic development.
VEON, the largest Nasdaq-listed company headquartered in Dubai, plays a significant role in this endeavor. Recently, it announced a US$15 million investment in Mobilink Microfinance Bank to further strategic goals such as promoting MSME growth, expanding Islamic banking services, and enhancing digital capabilities.
Kaan Terzioglu stated, “As a leader in Pakistan’s digital ecosystem, we are dedicated to ensuring that every Pakistani citizen and micro-entrepreneur has access to affordable and tailored financial services, including payments, savings, credit, and insurance. With our global expertise and local investments, we will support JazzCash in driving financial inclusion, empowering businesses, and integrating the informal economy into the formal sector.”
Aamir Ibrahim added, “JazzCash has evolved into Pakistan’s largest financial services platform, with 20 million monthly active users. From utility bill payments to domestic transfers, JazzCash now facilitates QR payments across 360,000 merchants, processes over PKR 160 billion annually, and has disbursed 80 million productive loans. Our commitment to financial inclusion, particularly for women and small businesses, will continue to empower underserved communities across Pakistan.”
In 2024, JazzCash processed transactions equivalent to 9% of Pakistan’s GDP and accounted for over 50% of all IDs on the national payment platform, RAAST. Moving forward, JazzCash aims to expand its regional footprint, particularly in the Gulf, to enhance cross-border payments. Partnerships like the one with UAE-based du Pay enable Pakistani nationals to send money directly to JazzCash mobile wallets via Western Union.
Additionally, JazzCash plans to explore insurtech, introduce investment tokenization, grow its digital merchant network, and increase the share of female customers to 50%. This includes strong support for women-led businesses and freelancers. These efforts align with the State Bank of Pakistan’s National Financial Inclusion Strategy, which aims to achieve 75% financial inclusion and reduce the gender gap to 25% by 2028. By championing innovation and inclusion, JazzCash is poised to transform Pakistan’s financial landscape.