JazzCash, a leading fintech platform in Pakistan, has announced an ambitious three-year roadmap aimed at transitioning the country towards a cashless economy. The unveiling of this comprehensive strategy was carried out by Murtaza Ali, President of JazzCash, alongside his team, at VEON’s global headquarters in Dubai. The event was attended by Kaan Terzioglu, Group CEO of VEON, and Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank. VEON, a prominent global telecom leader, expressed its unwavering support for JazzCash’s vision by offering its international expertise and resources to help bolster Pakistan’s digital payment ecosystem.
The transition to a cashless society is crucial for unlocking Pakistan’s economic potential. JazzCash’s roadmap focuses on integrating Pakistan’s informal economy into the formal sector, promoting financial inclusion, boosting tax compliance, and enhancing government revenues. This shift is seen as a critical step toward fostering long-term, sustainable growth and development for the country’s economy.
VEON, which is the largest Nasdaq-listed company based in Dubai, is playing a pivotal role in realizing this vision. Recently, VEON committed to a US$15 million investment in Mobilink Microfinance Bank, furthering efforts to support key goals such as the growth of Micro, Small, and Medium Enterprises (MSMEs), the expansion of Islamic banking services, and the enhancement of digital financial capabilities.
Kaan Terzioglu, CEO of VEON, emphasized the company’s commitment to Pakistan’s digital ecosystem, stating, “As a leader in Pakistan’s digital landscape, 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, CEO of Jazz, highlighted the significant impact JazzCash has already had on Pakistan’s financial services landscape. He noted, “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, continues 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. Looking ahead, JazzCash aims to expand its regional presence, especially in the Gulf region, to enhance cross-border payments. A notable partnership with UAE-based du Pay is already enabling Pakistani nationals to send money directly to JazzCash mobile wallets via Western Union.
As part of its future strategy, JazzCash is exploring new opportunities in insurtech and investment tokenization, while also aiming to expand its digital merchant network. One of the key goals is to increase its female customer base to 50%, with a particular focus on supporting 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.
Through its forward-thinking approach and continuous innovation, JazzCash is not only transforming Pakistan’s financial sector but also paving the way for a more inclusive and sustainable digital economy.