Jazz invests Rs37 billion in Pakistan’s digital ecosystem, clocks 20% revenue growth in 2023

Jazz, Pakistan’s leading digital operator, made a significant investment of PKR 37 billion in 2023 to address the country’s growing data needs and strengthen its digital infrastructure amidst economic challenges.

With an impressive 20% year-on-year growth in local currency revenues, Jazz reinforced its commitment to enhancing the digital ecosystem, focusing on key sectors such as fintech, cloud services, and data analytics, bringing its cumulative investment in Pakistan to $10.6 billion.

Pakistan’s largest mobile network and broadband service provider Jazz Pakistan, formerly Mobilink, is owned by international tech giant VEON, headquartered in the Netherlands.

20% growth in revenue in local currency

The digital operator experienced an impressive 20% year-on-year increase in revenues in local currency. In contrast, Jazz saw a 12.9% decline in revenues in USD terms in the fiscal year 2023, largely attributed to the devaluation of the Pakistani Rupee. Moreover, the company’s margins were affected by an unexpected rise in business expenses, driven by record-high interest rates and a significant increase in network energy costs.

Network expansion and addition of 1,000 new 4G sites

Most of the company’s capital expenditure for the year was allocated to installing nearly 1,000 new 4G sites, highlighting its dedication to consistently enhancing service quality for its customers.

Record surge in Data usage and 4G customer base

The expansion of the network was instrumental in growing Jazz’s 4G customer base to 43.9 million, with its total subscriber count reaching 70.6 million as of December 2023.

Additionally, Jazz has become the largest VoLTE network in the region, boasting over 22 million daily active VoLTE users. Meanwhile, JazzFi enables customers to make calls and send texts over Wi-Fi, even in areas with limited or no cellular coverage and has attracted over 3 million users shortly after its launch.

JazzCash revenue soars 82% as fintech leads financial inclusion

With a customer base of 44 million, including a 30% representation of women, Pakistan’s top fintech platform, JazzCash, experienced an impressive 82% year-over-year revenue growth, fueled by a Gross Transaction Value of Rs5.8 trillion in 2023.

With an extensive network of 240,000 agents and over 300,000 merchants, JazzCash has significantly contributed to the digitalization of society and payment/loan services, effectively reshaping Pakistan’s financial landscape.

JazzCash
JazzCash QuickPay. (Image Credit: Jazz)

Tamasha reached 11 million monthly active users

Pakistan’s premier entertainment platform, Tamasha, achieved 11 million Monthly Active Users (MAUs) in 2023. It recorded the highest digital views in Pakistan for major sporting events such as the Asia Cup and Cricket World Cup in 2023.

Additionally, Tamasha was the second most searched tech term on Google in Pakistan and ranked as the top app across all categories on Google Play during the ICC World Cup 2023.

Sana Jamalhttps://about.me/sanajamal
Storyteller. Avid Reader. Learner to the core.

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