ISLAMABAD, Apr 30 (APP): In emerging markets, it’s crucial to prioritize financial inclusion to ensure that the benefits of fintech reach beyond a select few, and propel the entire nations forward, fostering widespread inclusion.
These views were shared by Aamir Ibrahim, CEO Jazz and Chairman Mobilink Microfinance Bank in his keynote at Money 20/20 Asia, the world’s leading fintech show said a news release.
Around 3,000 senior decision-makers from banks, payment gateways, card networks, big tech, venture capital, lending, blockchain, and bitcoin companies attend Money20/20.
Aamir stressed that a considerable number of individuals have yet to open their first bank account. Ensuring they have easy access to formal financial services is a collective responsibility we must not overlook.
His session, titled ‘Pioneering Relevance: JazzCash’s Journey of Purposeful Innovation in Pakistan’ shed a spotlight on the transformative power of fintech in Pakistan in general, and JazzCash in particular as the industry leader.
JazzCash is Pakistan’s leading mobile wallet and digital financial services platform, boasting 44 million users, with 30% female customers, 330,000 merchants, 245,000 agents, and over 2 million monthly active users for lending disbursement.
Aamir illustrated the impact of digital lending offered by JazzCash by highlighting the case of a rickshaw driver who relies on the digital lending service ReadyCash to kickstart his day. “Securing a small loan keeps his operations running smoothly. With fares collected, he easily repays, ensuring a seamless cycle of financial empowerment.”
JazzCash has a symbiotic relationship with Jazz, leveraging telecom capabilities to deepen its financial reach, Aamir informed. “We’ve created a broad spectrum of financial services, from basic payments to advanced wealth management and MSME-focused solutions. Our platform offers instant credit, savings, and insurance, all accessible from your mobile device.”
Over the past two years, JazzCash has implemented various strategic and tactical measures, including enhancing security, introducing innovative products, and improving user experience by sunsetting outdated app versions. “With pricing initiatives across the board, we focused on digital consumer acquisition and revamped customer engagement, each move driving us forward,” Aamir added.
Aamir also commended the collaborative approach of the State Bank of Pakistan, the Pakistan Telecommunication Authority, and the Securities & Exchange Commission of Pakistan, highlighting their efforts in balancing innovation and consumer protection, thereby propelling digital and financial inclusion across the nation.
Looking ahead, JazzCash will focus on interoperability, tokenization, and B2B solutions over the next five years. “With a large unbanked population and a cash-dependent SME sector, we anticipate exponential growth. Our roadmap involves leveraging data for risk assessment, venturing into Insurtech, and further integrating financial services into everyday transactions.”
In his concluding remarks, Aamir discussed the expanding array of digital capabilities and services offered by VEON, the parent company of Jazz and MMBL, aimed at accelerating digital and financial inclusion across its markets. Specifically, within the fintech vertical, VEON’s digital operators JazzCash, Simply, Beepul and Balance. KG collectively processed a gross transaction value of USD 24 billion over the past twelve months, significantly contributing to digitizing the economy in Pakistan, Kazakhstan, Uzbekistan, and Kyrgyzstan.
