VEON Invests $20 Million in Pakistani Mobile Banking Company

VEON Group has invested USD 20 million in Mobilink Bank to support its growth and digital Islamic banking expansion in Pakistan. The investment builds on USD 15 million capital deployed by VEON in January 2025 and underscores its confidence in Mobilink Bank’s growth momentum and its integrated digital financial ecosystem with JazzCash, amid the rapid expansion of Pakistan’s digital banking and microfinance sector.

Mobilink Bank is a part of VEON Group, a global digital operator that provides services to over 150 million connectivity customers and over 140 million monthly active digital users. The capital will be used to scale Mobilink Bank’s MSME financing portfolio, advance its Islamic banking offerings, and strengthen its evolution into a technology-driven, digitally native bank with a continued focus on expanding regulated financial access for underserved communities, particularly small businesses and women.

VEON Group Executive Committee Member and Chairman Mobilink Bank, Aamir Ibrahim, said: “This continued stream of investment from VEON underscores our long-term commitment to Pakistan and confidence in the structural shift underway in the country’s digital financial services ecosystem. It strengthens Mobilink Bank and JazzCash’s ability to execute on our strategic priorities, invest in resilient technology infrastructure, and contribute to the development of inclusive and sustainable digital banking.”

Commenting further, President and CEO Mobilink Bank Haaris Mahmood Chaudhary said: “This investment will accelerate the expansion of our shariah-compliant Islamic banking offerings. It helps small businesses formalize cash flows, access regulated credit, and build long-term financial resilience. As a future-ready digital bank, our focus remains on delivering practical, technology-enabled financial solutions that empower entrepreneurs—particularly women and underserved communities—in Pakistan.”

Mobilink Bank’s expanding deposit base and MSME-oriented lending portfolio enable small businesses to transition from informal cash usage to regulated banking. Targeted women-centric financial products and green financing initiatives support inclusive growth and resilience in the face of Pakistan’s climate and economic challenges.

Together with JazzCash, which serves over 57 million customers and is supported by a nationwide network of more than one million merchants and agents, Mobilink Bank anchors one of Pakistan’s largest digital financial ecosystems. In 2022, JazzCash processed gross transaction value exceeding PKR 15 trillion, underscoring the scale, resilience, and impact of fintech in advancing financial inclusion, social mobility, and responsible digital innovation across Pakistan.

(VEON Group) (Nasdaq:VEON)