JazzCash Crosses 60 Million Registered Customers; Processes PKR 16.8 Trillion (~USD 59.7 Billion) in Annual Gross Transaction Value to March 2026, Accelerating Pakistan's Shift to a Cashless Economy
Islamabad, 14 May 2026: JazzCash, Pakistan's leading digital financial services provider and a subsidiary of VEON Ltd. (Nasdaq: VEON), has crossed 60 million registered customers, processing PKR 16.8 trillion (approximately USD 59.7 billion) in Gross Transaction Value in the twelve month period ending March 31, 2026, up 56% year-on-year, as demand for digital payments, lending, and disbursement services continued to accelerate
The rapid expansion in transaction value was driven by a 47.3% year-on-year jump in twelve-month transaction volume and a 35.8% rise in the average number of transactions per user in Q1 2026, reflecting that existing users are transacting more frequently and across a broader range of services. The platform added ten million registered customers during the last twelve months, reaching 60 million by the end of March 2026, with 29.2 million customers active during Q1 2026.
Transaction growth is anchored in a deepening merchant network and a sustained shift to digital point-of-sale. Earlier this year, JazzCash celebrated the onboarding of its one millionth Raast QR-enabled merchant, establishing Pakistan's largest digital payment acceptance network across corner shops, micro-entrepreneurs, and retailers. The milestone advances the national cashless economy agenda championed by Prime Minister Shehbaz Sharif and the State Bank of Pakistan to promote digital financial inclusion and economic transparency.
Across payments, disbursements, and government services, JazzCash's role as a critical financial infrastructure partner continued to deepen in Q1 2026. QR adoption spread across SMEs and everyday retail, with digital transaction records enabling merchants to build verifiable business histories and access formal credit. Enterprise customers processed payroll through JazzCash at significantly higher volumes, while government welfare transfers reached beneficiaries faster and more reliably through the platform. Federal and provincial bodies also increasingly utilized JazzCash to collect citizen payments, including traffic challans, motorway tolls, and national identification fees, reflecting the accelerating shift toward cashless government services across Pakistan.
Digital lending continued to scale. JazzCash enabled the issuance of 202,000 average loans per day in Q1 2026, extending formal credit to individuals and SMEs, including women-led enterprises, that have historically operated outside formal financial channels.
Murtaza Ali, CEO of JazzCash, said: "The State Bank of Pakistan's progressive regulatory environment continues to open new frontiers for digital financial services. Building on our payments and lending infrastructure, JazzCash aims to bridge Pakistan's protection gap through its insurtech vertical, introduce asset fractionalization to bring high-value investments within reach of Pakistanis, and democratize access to stock markets and digital assets. We are also deepening our cross-border remittance capabilities, expanding JazzCash's regional footprint in the Gulf to make it faster and more convenient for Pakistani nationals abroad to send money home directly to JazzCash wallets."
Financial Services revenues, generated by JazzCash and Mobilink Microfinance Bank combined, reached USD 119 million in Q1 2026, growing 49.6% year-on-year, reflecting sustained momentum across Pakistan's digital financial services ecosystem.
About JazzCash
JazzCash is Pakistan’s leading digital financial services platform, operating under a Branchless Banking charter and offering mobile wallet services in collaboration with Mobilink Microfinance Bank. It serves 60 million registered customers across Pakistan, providing a broad portfolio of services including payments, lending, insurance, welfare disbursements, and government-to-person payments. For more information, please visit: http://www.jazzcash.com.pk/.
About VEON
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity and over 228 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com/.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to VEON’s strategic ambitions and JazzCash and its digital financial services initiatives. There are numerous risks and uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON’s strategic ambitions and JazzCash and its digital financial services initiatives, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Contact Information:
JazzCash
Khayyam Siddiqi
Head of Communication
Khayyam.siddiqi@jazzcash.pk
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