JazzCash records 67.6pc increase in revenue
ISLAMABAD: JazzCash and its associated financial services businesses recorded a 67.6 percent year-on-year increase in revenue to Rs43.4 billion in the third quarter ended September 30, 2026, as digital transactions surged, lending expanded and VEON strengthened its presence in Pakistan’s telecom and financial services markets through a USD240 million spectrum acquisition and takeover of TPL…
ISLAMABAD: JazzCash reported a substantial 67.6 percent rise in revenue for the third quarter ending September 30, 2026, reaching Rs43.4 billion. This surge was attributed to the increasing use of digital transactions, expansion of lending services, and VEON's strategic moves in the telecom and financial services sectors. VEON's acquisition of 190 MHz of mobile spectrum for USD240 million and the takeover of TPL Insurance contributed to these gains.
The Pakistan financial services arm of VEON, which includes JazzCash, Mobilink Microfinance Bank, and JazzSure, reported a net profit of Rs6.8 billion for the quarter, with profit before tax soaring 296.8 percent to Rs8.9 billion. The business generated a gross transaction value of Rs6.9 trillion, marking a 79.2 percent increase from the previous year's Rs3.86 trillion.
The number of branchless banking accounts climbed by 21.6 percent to 65 million, and active customers rose by 15.6 percent to 30.4 million. Transaction volumes surged 72.8 percent, and the average number of transactions per active customer increased by 53.5 percent. The merchant network expanded significantly, with active merchants reaching 957,100, a 121.9 percent increase from 431,300 a year earlier.
VEON's acquisition strategy focuses on leveraging JazzCash's customer and merchant base, MMBL's banking capabilities, and insurance services to broaden access to various financial products.
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