Jazz, alongside its subsidiaries JazzCash and Mobilink Microfinance Bank, has made significant investments exceeding Rs33 billion in the first nine months of 2024. These investments are aimed at strengthening Pakistan’s digital ecosystem, with a focus on sectors such as banking, financial services, cloud computing, data centers, digital healthcare, entertainment, and connectivity.
The company also contributed Rs97 billion to the national exchequer through corporate tax, sales tax, import duties, and withholding tax collected from customers and suppliers. Jazz revealed that Rs41 billion of its investments were directed towards expanding high-speed mobile broadband in underserved areas, supporting research and development, fostering startup growth, and fulfilling obligations related to license renewals, spectrum fees, and other regulatory payments.
As a result of these investments, Jazz saw a revenue growth of more than 25% in the first nine months of 2024, compared to the same period last year. Serving over 100 million customers monthly across telecom, banking, and entertainment platforms, the company also boasts a strong enterprise vertical, Jazz Business, which serves 98 of the top 100 companies listed on the Pakistan Stock Exchange (PSX).
Aamir Ibrahim, CEO of Jazz and head of all VEON Group businesses in Pakistan, emphasized the growing significance of digital services in the company’s revenue mix. He noted that these services are crucial for enhancing customer engagement and retention. “As telecom revenues stabilize, our focus has shifted to higher-growth areas such as data centers, fintech, and IT solutions,” Ibrahim said, pointing to the rapid expansion of the data center, fintech, and software industries as key drivers of Pakistan’s emergence in the global IT landscape.
The company is also integrating artificial intelligence (AI) into its operations and plans to expand its data hosting capacity over the next three years. Jazz currently operates the Jazz Digital Park, a state-of-the-art data center that is Telecommunications Industry Association (TIA) Tier-3 certified, built with an investment of over $8 million. This investment reaffirms Jazz’s commitment to elevating Pakistan’s digital infrastructure and positioning the country as a competitive player in the global IT sector.
