VEON Group, a global digital operator, has announced a $15 million capital investment in Mobilink Bank to drive the bank’s growth, enhance its technological capabilities, and support its strategic initiatives. This move underscores VEON’s commitment to fostering financial innovation and aiding the digital transformation of Pakistan’s banking sector.
The investment will enable Mobilink Bank to expand its offerings in Micro, Small, and Medium Enterprise (MSME) financing, explore Islamic banking services, and solidify its position as a future-ready digital bank. Mobilink Bank plans to utilize the funds to optimize operations, broaden its customer outreach, and introduce advanced digital products and services for both individual and enterprise customers.
According to a statement, the investment comes at a crucial time for the banking sector as the State Bank of Pakistan (SBP) has significantly lowered its policy rate. This reduction is expected to boost economic activity and create opportunities for growth in the financial industry.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, welcomed VEON’s investment, emphasizing its importance in supporting the bank’s strategic objectives. “This capital infusion underscores VEON’s confidence in Mobilink Bank’s vision and trajectory. It empowers us to expand our portfolio, driving growth in MSME financing, Islamic banking, and technology-driven operations,” he stated.
Haaris Mahmood Chaudhary, Interim CEO of Mobilink Bank, highlighted the timing of the investment as pivotal, given Pakistan’s ongoing economic recovery. He noted that the funds would accelerate Mobilink Bank’s efforts to enhance digital capabilities, foster MSME growth, and expand into Islamic banking, strengthening its role in Pakistan’s financial ecosystem.
VEON’s Strategic Vision
VEON Group’s investment aligns with its broader goal of fostering digital innovation and financial inclusion. This infusion of capital reflects the company’s strategic vision to empower Mobilink Bank as a key player in Pakistan’s evolving financial landscape.
The investment also complements VEON’s subsidiary, Jazz, which has played a critical role in advancing Pakistan’s telecommunication and financial technology sectors. Jazz, a market leader in the country, continues to contribute to the digital transformation of businesses and communities.
Government Support for Digitization
In November 2024, a delegation led by VEON Group Chairman Augie K Fabela met Prime Minister Shehbaz Sharif to discuss the company’s contributions to Pakistan’s digital economy. The Prime Minister lauded Jazz’s role and reiterated the government’s commitment to promoting IT, digitization, and artificial intelligence. He also expressed optimism about achieving a target of $25 billion in IT exports within the next three years.
This investment highlights the growing synergy between the private sector and government initiatives aimed at fostering economic growth and innovation. Mobilink Bank’s enhanced focus on technology-driven operations and financial inclusion will play a critical role in achieving these broader national objectives.
With the backing of VEON Group, Mobilink Bank is poised to advance its digital transformation efforts, expand its financial services, and support Pakistan’s journey toward a more inclusive and technologically advanced banking sector.