ISLAMABAD: On the sidelines of the World Economic Forum (WEF) annual meeting 2025 in Davos, VEON Group CEO Kaan Terzioglu and Jazz CEO Aamir Ibrahim met with Finance Minister Muhammad Aurangzeb to discuss Pakistan’s economic progress and the critical role of digital payments in fostering growth and inclusion.
The leaders commended Pakistan’s recent economic stability, highlighting the significant drop in inflation from nearly 40% in May 2023 to 4.9% in January 2025. They praised the government for creating an environment conducive to sustainable growth and digital transformation.
Kaan Terzioglu and Aamir Ibrahim underscored JazzCash’s impact on advancing financial inclusion and accelerating the transition to a cashless economy. In 2024, JazzCash processed a transaction value equivalent to approximately 9% of Pakistan’s GDP and accounts for more than 50% of all IDs on Pakistan’s national payment platform, RAAST, underscoring its critical role in the country’s economic fabric. JazzCash is creating a robust payments infrastructure that supports both urban and rural economies while documenting informal financial activity.
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The discussion emphasised the transformative potential of digital payments in boosting transparency, empowering small businesses, and improving access to financial services, particularly for women and underserved communities.
The VEON leaders highlighted the Group’s ongoing commitment to Pakistan, reinforced by recent foreign direct investment (FDI) into Mobilink Microfinance Bank Limited (MMBL). This strategic investment aims to expand financial inclusion through innovative microfinance solutions, further bridging economic and social gaps.
Both leaders stressed the importance of fostering public-private collaboration to support Pakistan’s digital transformation. They discussed the need for policies that encourage investment in digital infrastructure, enhance financial inclusion, and drive innovation to unlock Pakistan’s full economic potential.
“Digital payments are a cornerstone of economic resilience and inclusion,” Kaan Terzioglu remarked. Aamir Ibrahim echoed this sentiment, emphasizing that by investing in financial technology, Pakistan can build a sustainable and transparent economy that benefits all its citizens.
The meeting reaffirmed Jazz and VEON’s dedication to driving innovation, inclusion, and sustainable growth in Pakistan, reflecting their shared vision for a digitally empowered and economically stable future.
Copyright Business Recorder, 2025
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