Veon pumps $20m in Mobilink Microfinance Bank
- Details
- Category: Mobile Finance
- 4826 views
Veon Group plans to invest US$20 million in its financial services subsidiary Mobilink Microfinance Bank, as the company looks to scale digital banking services in Pakistan.
The investment marks Veon’s first foreign direct investment of the year in the country, according to Aamir Ibrahim, CEO of Veon’s Pakistani operator Jazz, who announced the move on social media.
Veon said the funding will support growing demand for digital and Islamic banking services, as well as broader development of Pakistan’s digital economy.
Mobilink Microfinance Bank was launched with an initial investment of US$415 million and received its Islamic banking licence from the State Bank of Pakistan last year. The bank began operations in December with the opening of its first branch in Karachi.
According to Dawn, the latest funding will be used to expand Mobilink’s MSME financing portfolio, strengthen its Islamic banking offering and extend services to underserved segments, including women and small businesses.
Mobilink and fellow Veon subsidiary JazzCash together serve more than 57 million customers, supported by a network of over one million merchants and agents across Pakistan.
