Global digital operator VEON Group has invested $15 million in Mobilink Bank to support the bank’s growth initiatives and technological transformation, according to a statement released on Thursday. The investment aims to empower Mobilink Bank to expand its Micro, Small, and Medium Enterprise (MSME) financing, explore Islamic banking, and accelerate its transition into a future-ready digital bank.
The capital infusion will help Mobilink Bank optimise its operational capabilities, broaden its outreach, and introduce innovative digital products and services to individual and enterprise customers. The investment comes at a crucial time for the banking industry, as the State Bank of Pakistan (SBP) has significantly lowered its policy rate, further promoting economic stability and growth.
“Mobilink Bank is committed to fostering financial inclusion and meeting the evolving needs of its diverse customer base. This investment supports our mission to become a technologically advanced bank,” the statement noted.
VEON Group’s investment also aligns with its strategic vision of fostering digital innovation in the financial sector and supporting Mobilink Bank’s role as a key player in Pakistan’s financial ecosystem.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, welcomed the investment, stating, “This $15 million capital infusion from VEON highlights their confidence in Mobilink Bank’s vision and trajectory. It will allow us to expand our portfolio and drive growth in MSME financing, Islamic banking, and technology-driven operations.”
Haaris Mahmood Chaudhary, Interim CEO of Mobilink Bank, emphasized the timely nature of the investment, noting that Pakistan’s economy is in a revival phase following the reduction in policy rates by the SBP. He said, “This investment will be pivotal in further advancing our strategic goals and strengthening our position as a future-ready digital bank.”
In November 2024, a delegation from VEON Group, led by Chairman Augie K Fabela, met with Prime Minister Shehbaz Sharif. During the meeting, the Prime Minister praised VEON subsidiary Jazz Group for its contributions to Pakistan’s telecommunication and fintech sectors. He expressed a commitment to promoting IT, digitization, and artificial intelligence in Pakistan, aiming to increase IT exports to $25 billion over the next three years.
