Jazz, JazzCash, and Mobilink Microfinance Bank, key players in Pakistan’s digital and financial landscape, have reported a remarkable 27.7% year-over-year revenue growth in USD terms for Q2 2024, driving VEON Group’s global success.
VEON, a global digital operator serving nearly 160 million customers across six dynamic markets, saw its Pakistan operations contribute nearly one-third of the Group’s US$1.9 billion revenue in the first half of 2024.
As of Q2 2024, Pakistan’s leading digital operator Jazz serves 71.4 million cellular subscribers and 63.3 million monthly active users of its digital services. The company’s robust performance, including a 17% compound annual growth rate (CAGR) in revenue from 2021 to 2023, has been fueled by the increasing popularity of its fintech platform JazzCash, Mobilink Microfinance Bank, digital entertainment platform Tamasha, and cloud service Garaj.
With a dominant 45% revenue market share in cellular services, Jazz continues to set the pace in Pakistan’s digital economy.
Aamir Ibrahim, CEO of Jazz and head of VEON’s businesses in Pakistan, highlighted the strategic importance of the ServiceCo structure in driving this growth. “As a key partner in the government’s digital transformation agenda, we are heavily investing in developing robust digital infrastructure that extends beyond connectivity. The growing engagement across all our services demonstrates our ability to swiftly meet evolving customer needs in fintech, cloud, data centers, software, IT services, and connectivity.”
“Consequently, we closed the first half of the year with a revenue of USD 668 million, reflecting the positive impact of our initiatives amid early signs of macroeconomic recovery,” he added.
JazzCash and Mobilink Bank
JazzCash, Pakistan’s leading fintech platform with a customer base of 44 million, including 30% women, achieved an 83% YoY service revenue surge in Q2 2024, driven by a Gross Transaction Value of PKR 7.4 trillion. JazzCash’s extensive network of 252,000 registered agents and over 357,000 merchants has been pivotal in the digitalization of Pakistan’s financial landscape.
Meanwhile, Mobilink Microfinance Bank continues to champion financial inclusion, reporting over 73% YoY growth in service revenue.
Tamasha OTT
Jazz’s entertainment platform, Tamasha, has also seen significant growth, reaching 18 million monthly active users (MAUs) with revenue increasing 7.7x YoY, bolstered by AdTech during ICC cricket matches.
The company’s cloud platform, Garaj, is increasingly becoming a critical infrastructure for Pakistani enterprises, driving digitalization and supporting the nation’s data sovereignty vision. Garaj now serves 98 out of the top 100 companies listed on the Pakistan Stock Exchange (PSX), further solidifying Jazz’s role as a leader in Pakistan’s digital transformation.
With continuous innovation and investment in digital infrastructure, Jazz, JazzCash, and Mobilink Microfinance Bank are not only shaping the future of Pakistan’s digital economy but are also driving VEON Group’s global growth.
In July 2024, VEON’s Jazz secured the country’s largest long-term private sector syndicated credit facility of up to PKR 75 billion (US$270 million). This 10-year financing arrangement will power Jazz’s growth ambitions as the country’s leading provider of 4G connectivity and digital services to millions of consumers and enterprises. The banking consortium was led by The Bank of Punjab, along with the following other prominent financial institutions that act as mandated lead advisors and arrangers: Habib Bank, Bank Alfalah, Meezan Bank, MCB Bank, Allied Bank, Askari Bank, Habib Metropolitan Bank, Soneri Bank, Bank Islami Pakistan and MCB Islamic Bank.
Kaan Terzioglu, Group CEO of VEON, said that this credit facility “will be a game-changer for Pakistan’s digital landscape helping us accelerate the deployment of cutting-edge digital infrastructure, focusing on services that Pakistan needs to realize the potential of its young and dynamic population and vibrant business landscape.”