Investor Confidence: Veon Group injects USD 15 million in Mobilink Bank to fuel growth and tech advancement
Islamabad: Global digital operator VEON Group has reaffirmed its confidence in Pakistan’s microfinance sector and Mobilink Bank by injecting fresh capital of $15 million to support the bank’s strategic goals. This investment will enable Mobilink Bank to strengthen its focus on Micro, Small, and Medium Enterprise (MSME) financing, explore Islamic banking opportunities, and fast-track its transformation into a technologically advanced, future-ready digital institution.
As Pakistan’s foremost digital microfinance bank, Mobilink Bank is dedicated to promoting financial inclusion and adapting to the dynamic needs of its diverse customer base. This investment arrives at a crucial juncture for the banking sector, with the State Bank of Pakistan (SBP) recently reducing its policy rate to foster economic stability and growth. Mobilink Bank plans to utilize this capital to enhance its operational efficiency, expand its reach, and introduce innovative digital products and services for both individual and business clients.
With a mission to serve underserved and unbanked communities, Mobilink Bank aims to drive economic activity and deliver accessible financial solutions to contribute to socio-economic development. VEON Group’s investment reflects its commitment to fostering digital innovation and supporting Mobilink Bank’s role as a significant player in Pakistan’s financial ecosystem. This aligns with VEON’s broader objectives of leveraging technology to empower communities and drive sustainable economic growth.
Expressing gratitude for the investment, Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, stated, “VEON’s $15 million investment demonstrates their unwavering trust in Mobilink Bank’s vision and growth trajectory. This funding will enable us to broaden our offerings, particularly in MSME financing, Islamic banking, and technology-based operations. Together, we are championing digital transformation and financial inclusion to create a more progressive and inclusive financial environment in Pakistan.”
Haaris Mahmood Chaudhary, Interim CEO of Mobilink Bank, added, “VEON’s strategic investment reflects the strong confidence our parent company has in our ability to lead Pakistan’s fintech revolution. This comes at a time when Pakistan’s economy is poised for recovery, and the banking sector expects increased activity following SBP’s policy rate reduction. These funds will play a crucial role in achieving our strategic priorities, advancing MSME growth, venturing into Islamic banking, and enhancing our digital capabilities to establish ourselves as a future-focused digital bank.”
VEON’s investment marks a pivotal moment for Mobilink Bank, reinforcing its commitment to advancing financial inclusion and social mobility. With a customer base of over 20 million active users per month and a vast network of over 400,000 access points, the bank prioritizes inclusivity, technological advancement, and customer-centric innovation. Mobilink Bank is also steadfast in its efforts to contribute to socio-economic and environmental progress.
Mobilink Bank operates under the umbrella of VEON Group, a global digital operator serving nearly 160 million customers across six vibrant markets, representing 7% of the world’s population.
