Mobilink Bank’s parent company, VEON Group, has invested $15 million in new capital to support the bank’s strategic initiatives, which include expanding financing for micro, small, and medium-sized enterprises (MSMEs), exploring Islamic banking services, and accelerating the bank’s transition to a digital-first model.
Mobilink Bank said in a statement that the investment will help it achieve its goal of being a technologically sophisticated and inclusive bank, which aligns with the State Bank of Pakistan’s recent monetary policies targeted at economic stability.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, emphasized the significance of the capital infusion, saying, “This investment underscores our unwavering confidence in the bank’s vision and growth trajectory.”
He stated that Mobilink Bank’s future focus would continue on inclusion, innovation, and customer-centric services, with a long-term goal of promoting socioeconomic and environmental growth.
With a client base of over 20 million monthly active users, the bank plans to use the new financing to extend its operations in neglected groups, notably MSMEs, while also investigating Islamic banking as a growth opportunity.
MMBL’s core product, Jazzcash, recently underwent a rebranding process, refreshing the company’s growth trajectory and mission statement.
Khurram Schehzad, adviser to Finance Minister, hailed the VEON Group’s investment in a post on X, formerly known as Twitter. “According to Mobilink Bank’s CEO, ‘the timing of the investment is right as Pakistan’s economy is in a resuscitation phase. Let us build on this momentum!” Schehzad wrote, expressing confidence about the economy’s growth prospects.
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