Karachi: Jazz, along with JazzCash, Mobilink Microfinance Bank, and other digital services under VEON Group, reported a 27.7% increase in year-over-year revenue for the second quarter of 2024, measured in USD terms. This growth is part of a broader effort to expand digital infrastructure and services across Pakistan, aligning with the government’s digital transformation goals.
According to Jazz Pakistan, the impressive revenue growth is attributed to the success of the recently introduced ServiceCo structure, which enhances the group’s agility and focus in fintech, cloud services, data centers, software, IT services, and connectivity. VEON, the parent company, serves nearly 160 million customers worldwide, with the Pakistani operations contributing significantly to the group’s overall performance. In the first half of 2024, Pakistan accounted for nearly a third of VEON’s USD 1.9 billion revenue.
Jazz, leading with a 45% revenue market share in the cellular services sector, now boasts 71.4 million cellular subscribers and 63.3 million monthly active users across its digital platforms. The surge in top-line growth is driven largely by the fintech platform JazzCash and the Mobilink Microfinance Bank, along with digital entertainment platform Tamasha and cloud service Garaj.
Aamir Ibrahim, CEO of Jazz and head of VEON’s operations in Pakistan, emphasized the strategic investments contributing to socioeconomic growth and robust digital service uptake. This includes significant engagement in JazzCash, which saw an 83% surge in service revenue from the previous year, driven by a Gross Transaction Value of PKR 7.4 trillion in Q2. JazzCash’s network includes over 252,000 agents and 357,000 merchants, playing a critical role in digitizing financial transactions and services in Pakistan.
The digital entertainment platform Tamasha reached 18 million monthly active users, with revenues increasing dramatically, supported by advertising technology during major cricket events. Additionally, Jazz’s cloud platform Garaj is rapidly expanding, now serving the majority of Pakistan’s top 100 listed companies and aligning with the national data sovereignty agenda.
These achievements underscore VEON’s ongoing commitment to enhancing digital accessibility and fostering economic development in Pakistan.