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Jazz CEO vows 50pc women representation in digital wallet services for more inclusivity

ISLAMABAD, Feb 29 (APP): Chief Executive Officer of Jazz Aamir Ibrahim on Thursday said that the company was determined to foster a more inclusive and balanced economic landscape in the country by taking the women representation to 50% in the its digital wallet services in the coming years.

Aamir Ibrahim, addressing the Connected Industries discussions at the Mobile World Congress Barcelona 2024, said that JazzCash with a customer base of 44 million has made a concerted effort to prioritize gender-intentional financial inclusion, said a press release received here.

“This proactive approach has led to a significant increase in the representation of women within JazzCash’s customer base. As a result, around 30 percent of JazzCash customers are now women, a significant increase from just 17 per cent a couple of years ago,” he informed the international gathering.

The audience comprising global fintech leaders, analysts, and media specifically applauded the company in accelerating financial inclusion in Pakistan – a country that houses 2.8% of the world’s population, but a staggering 8% of the unbanked population globally.

Aamir said that Jazz’s expansive outreach gives the company the advantage of cashing in on its legacy to have a tremendous impact on Pakistan’s economy at large, and the livelihoods of a common Pakistani. This backing also provides digital wallet service with the scale to reach people who are often overlooked by the formal banking system.

He highlighted Jazz’s massive footprint in Pakistan, connecting over 70 million people and positively impacting their lives and livelihoods through digital and financial inclusion.

Talking of the impact that JazzCash has created on the much-needed shift to digital financial services and financial inclusion of the masses, Aamir apprised the audience that the fintech processes 7 million transactions a day, which account for nearly 7% of Pakistan’s GDP.

Aamir added that through the service’s QR codes, available with 330,000 merchants nationwide, more payments are made than the money processed by a major credit card brand in Pakistan, which has been around for decades. In terms of scale, the service has surpassed traditional credit and debit cards in Pakistan, he revealed.

Outlining the broad ambit of digital financial services, especially for developing and economically challenged nations like Pakistan, Aamir said that it goes beyond payments to include critical services like savings, microloans, and insurance.

He revealed that JazzCash recently launched the industry’s pioneering free health and life insurance offering for nano loan customers.

He also highlighted the importance of nano loans, stressing how responsible nano-lending offers immediate financial relief and provides a safety net for the unforeseen challenges life may bring.

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