Veon Group Invests $20 Million to Boost Pakistan’s Digital Islamic Banking

KARACHI – Global digital operator Veon Group has revealed a $20 million investment in Pakistan’s Mobilink Bank to support the bank’s growth and the expansion of its digital Islamic banking services, the company said on Friday.

Mobilink Bank, part of the Veon Group, serves over 150 million connectivity customers and more than 140 million monthly active digital users across five countries, representing over 6 percent of the world’s population. The Nasdaq-listed firm provides a wide range of digital services in these markets.

• Veon Group invests $20 million in Pakistan’s Mobilink Bank to support growth and digital Islamic banking expansion.

• Mobilink Bank serves 150M connectivity customers and 140M monthly active digital users across five countries.

• Latest investment follows $15M capital injection in January 2025, reflecting Veon’s confidence in growth momentum.

This latest $20 million funding follows Veon’s $15 million capital injection in January 2025 and reflects the company’s confidence in Mobilink Bank’s growth trajectory. The investment also strengthens the bank’s integrated digital financial ecosystem with JazzCash, amid the fast-growing digital banking and microfinance landscape in Pakistan.

The capital will be used to scale Mobilink Bank’s micro, small and medium enterprises (MSME) financing portfolio, advance its Islamic banking offerings, and strengthen its evolution into a technology-driven, digitally native bank, with a continued focus on expanding regulated financial access for underserved communities.

“This investment will accelerate the expansion of our shariah-compliant Islamic banking offerings, helping small businesses formalize cash flows, access regulated credit, and build long-term financial resilience,” said Haaris Mahmood Chaudhary, president and chief executive officer of Mobilink Bank.

“As a future-ready digital bank, our focus remains on delivering practical, technology-enabled financial solutions that empower entrepreneurs — particularly women and underserved communities — across Pakistan.”

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Mobilink Bank’s expanding deposit base and MSME-oriented lending portfolio are enabling small businesses to transition from informal cash usage to regulated banking, while targeted women-centric financial products and green financing initiatives support inclusive growth and resilience in the face of Pakistan’s climate and economic challenges, according to a statement issued by Veon Group.

Mobilink Bank, together with JazzCash, which serves over 57 million customers and is supported by a nationwide network of more than one million merchants and agents, anchors one of Pakistan’s largest digital financial ecosystems. During the year, JazzCash processed gross transaction value exceeding Rs15 trillion ($53 billion), underscoring the scale, resilience, and impact of fintech in advancing financial inclusion, social mobility, and responsible digital innovation across Pakistan.

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The investment reflects Veon Group’s broader digital strategy of strengthening high-impact financial ecosystems through technology-led solutions and disciplined capital deployment, positioning Mobilink Bank as a key contributor to Pakistan’s evolving financial sector, according to the global digital operator.

“This continued stream of investment from VEON underscores our long-term commitment to Pakistan and confidence in the structural shift underway in the country’s digital financial services ecosystem,” Veon Group Executive Committee Member and Chairman Mobilink Bank, Aamir Ibrahim, was quoted as saying.

“It strengthens Mobilink Bank and JazzCash’s ability to execute on our strategic priorities, invest in resilient technology infrastructure, and contribute to the development of inclusive and sustainable digital banking.”