A global digital operator VEON Group has invested $15 million in Mobilink Bank to support the bank’s growth initiatives and technological transformation, a statement said on Thursday.
According to details, the capital investment is expected empower Mobilink Bank to expand its offerings in Micro, Small, and Medium Enterprise (MSME) financing, explore Islamic banking, and accelerate its ongoing transition into a technologically advanced, future-ready digital bank.
“Mobilink Bank is committed to fostering financial inclusion and meeting the evolving needs of its diverse customer base. The investment comes at a pivotal time for the banking industry, as the State Bank of Pakistan (SBP) has substantially lowered its policy rate, showcasing its proactive role as a regulator in fostering economic stability and growth,” the statement read.
$563mn deal: Engro Corp to acquire mobile phone towers from Jazz
“Mobilink Bank will utilise these funds to optimise its operational capabilities, expand its outreach, and introduce cutting-edge digital products and services to its individual and enterprise customers,” it added.
VEON Group’s investment also highlights its strategic vision of fostering digital innovation and supporting Mobilink Bank’s mission to be a key player in Pakistan’s financial ecosystem.
Welcoming the investment, Chairman Mobilink Bank & CEO Jazz, Aamir Ibrahim said, “This capital infusion of $15 million by VEON underscores their steadfast confidence in Mobilink Bank’s vision and trajectory. It empowers us to further expand our portfolio, driving growth in MSME financing, Islamic banking, and technology-driven operations”.
According to Haaris Mahmood Chaudhary, Interim CEO Mobilink Bank, the timing of the investment is fitting as Pakistan’s economy is in a revival phase, and the banking industry anticipates enhanced activity in the wake of a significant reduction in policy rates by the SBP.
“This investment will be pivotal in further advancing our strategic goals, promoting MSME growth, expanding into Islamic banking, and enhancing our digital capabilities to strengthen our position as a future-ready digital bank,” he was quoted as saying in the statement.
In November 2024, a five-member delegation led by Augie K Fabela, Chairman of VEON Group, met Prime Minister Shehbaz Sharif.
As per a statement released by the Prime Minister’s Office (PMO) then, PM Shehbaz lauded the role of VEON subsidiary, Jazz Group, for playing a significant role in Pakistan’s telecommunication and financial technology sectors.
“We are keen to work with the VEON Group to promote IT, digitisation, and artificial intelligence in Pakistan,” the premier said then. “We are determined to achieve the target of increasing Pakistan’s IT exports to $25 billion in the next three years.”
American Dollar Exchange Rate