Veon Group Invests $15 Million in Mobilink Bank to Drive Growth and Technological Transformation

Global digital operator VEON Group has injected $15 million into Mobilink Bank to support its growth initiatives and advance its technological capabilities, as announced in a statement on Thursday.

The investment is aimed at empowering Mobilink Bank to broaden its offerings in Micro, Small, and Medium Enterprise (MSME) financing, venture into Islamic banking, and expedite its transition into a future-ready digital bank.

“Mobilink Bank is committed to promoting financial inclusion and addressing the evolving needs of its diverse customer base. This investment comes at a critical juncture for the banking sector, as the State Bank of Pakistan (SBP) has significantly reduced its policy rate, demonstrating its proactive role in fostering economic stability and growth,” the statement highlighted.

Mobilink Bank’s Strategic Focus

The funds will enable Mobilink Bank to enhance operational efficiency, expand outreach, and introduce innovative digital products and services tailored to both individual and enterprise customers.

VEON Group’s investment underscores its commitment to fostering digital innovation and supporting Mobilink Bank’s ambition to become a significant player in Pakistan’s financial ecosystem.

Leadership Perspectives

Chairman Mobilink Bank and CEO Jazz, Aamir Ibrahim, welcomed the investment, stating, “This $15 million capital infusion from VEON highlights their unwavering confidence in Mobilink Bank’s vision and growth trajectory. It enables us to expand our portfolio further, focusing on MSME financing, Islamic banking, and technology-driven operations.”

Haaris Mahmood Chaudhary, Interim CEO of Mobilink Bank, emphasized the timeliness of the investment, noting that Pakistan’s economy is entering a recovery phase. “This investment is instrumental in advancing our strategic objectives, promoting MSME growth, exploring Islamic banking, and enhancing our digital capabilities to solidify our position as a future-ready digital bank,” he stated.

VEON Group’s Commitment to Pakistan

In November 2024, a five-member delegation led by Augie K Fabela, Chairman of VEON Group, met with Prime Minister Shehbaz Sharif. The Prime Minister’s Office (PMO) acknowledged Jazz Group, a VEON subsidiary, for its substantial contributions to Pakistan’s telecommunication and financial technology sectors.

Prime Minister Shehbaz Sharif expressed enthusiasm about collaborating with VEON Group to promote IT, digitization, and artificial intelligence in Pakistan. “We are determined to achieve the goal of increasing Pakistan’s IT exports to $25 billion within the next three years,” he stated.

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