Group’s portfolio: VEON chief recognizes JazzCash as ‘crown jewel’

KARACHI: VEON Group’s Chairman and Founder Augie K Fabela II, recognized JazzCash as the "crown jewel" in their global portfolio and said that Pakistan is the success story that can showcase to international investors.

His comments highlighted VEON’s commitment to Pakistan’s digital and financial ecosystem, underlining JazzCash’s remarkable growth trajectory and its role as a transformative force in digital financial services across Pakistan.

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets.

Speaking to an audience of a thousand industry leaders, policymakers, and digital innovators at the Future Summit organized by Nutshell Group, Fabela outlined the importance of Pakistan within VEON’s portfolio.

He emphasized that Pakistan represents a critical growth market with its substantial youth demographic and high digitalization potential. "Pakistan is a very special place," he said, "home to VEON’s largest operation, encompassing Jazz, Jazz Business, JazzCash, Tamasha, Mobilink Microfinance Bank, and more."

Fabela described JazzCash’s journey from its humble beginnings with two simple products to now serving over 19 million users every month. As a digital payments leader in Pakistan, JazzCash has evolved into a multi-dimensional platform offering services such as digital lending, savings, and insurance, and accounts for half of all registered users on Pakistan’s national payment system, RAAST.

This expansion reflects VEON’s commitment to providing accessible financial services to underserved markets, helping to bridge the gap for those excluded from banking services, he added.

JazzCash’s success aligns with VEON’s broader mission to drive financial inclusion in Pakistan. With around 40% of adults remaining unbanked, JazzCash is bridging gaps in financial services access, empowering individuals and businesses, and contributing to Pakistan’s economic landscape and growth. “Every unconnected or unbanked individual represents untapped potential that, if unlocked, could drive Pakistan’s growth forward,” Fabela noted.

VEON Group CEO Kaan Terziolu in a session, acknowledged the government’s efforts to stabilize the economy, suggesting that expansion of digital financial services could help expand Pakistan’s tax base, increase government revenues, and improve transparency.

Both Fabela and Terziolu underscored VEON’s vision of Pakistan as a compelling success story for international stakeholders, showcasing how digitalization, when implemented thoughtfully with private-public cooperation, can become a national growth engine.

“Pakistan is the success story we showcase to our international investors,” Fabela concluded, with VEON pledging to continue championing Pakistan on the international stage.

Copyright Business Recorder, 2024