Veon Group plans to invest US$20 million in its financial services subsidiary, Mobilink Microfinance Bank, to scale digital banking services in Pakistan. The investment marks Veon’s first foreign direct investment in the country in 2026, according to Aamir Ibrahim, CEO of Jazz, Veon’s Pakistani operator, who announced the move on social media.
Veon said the funding will help meet growing demand for digital and Islamic banking services while supporting the broader development of Pakistan’s digital economy. Mobilink Microfinance Bank received its Islamic banking licence from the State Bank of Pakistan last year and began operations in December with the opening of its first branch in Karachi.
Launched with an initial investment of US$415 million, the bank is expected to use the latest funding to expand its MSME financing portfolio, strengthen its Islamic banking offering, and extend services to underserved segments, including women and small businesses, according to Dawn.
Mobilink Microfinance Bank and fellow Veon subsidiary JazzCash together serve more than 57 million customers, supported by a nationwide network of over one million merchants and agents across Pakistan.
