VEON Group, the parent company of Mobilink Bank, has infused $15 million in fresh capital to support the bank’s strategic initiatives, including expanding financing for micro, small, and medium enterprises (MSMEs), exploring Islamic banking services, and accelerating its transition into a digital-first bank.
In a statement, Mobilink Bank announced that the investment will drive its ambitions to become a technologically advanced and inclusive bank, aligning with the State Bank of Pakistan’s recent monetary policies aimed at economic stability.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, highlighted the significance of the capital injection, stating, “This investment underscores our unwavering confidence in the bank’s vision and growth trajectory.”
He added that Mobilink Bank’s future focus will remain on inclusivity, innovation, and customer-centric services, with a long-term aim to foster socio-economic and environmental progress.
With a customer base exceeding 20 million monthly active users, the bank aims to leverage the fresh funding to expand its offerings in underserved segments, particularly MSMEs, while exploring Islamic banking as a growth avenue.
The flagship product of MMBL, also known as Jazzcash also went through a rebrand recently, renewing the growth trajectory and mission statement for the company.
Adviser to Finance Minister Khurram Schehzad welcomed VEON Group’s investment in a post on X, formerly known as Twitter. “Per Mobilink Bank’s CEO, ‘the timing of the investment is fitting as Pakistan’s economy is in a revival phase.’ Let’s build on the momentum!” Schehzad wrote, signaling optimism for the economy’s growth potential.
