Veon Group injects $15m to boost Mobilink Bank’s digital transformation

LAHORE: Veon Group has invested $15 million in Mobilink Bank. This fresh capital injection will enable Mobilink Bank to enhance its MSME (micro, small and medium enterprise) financing, explore Islamic banking solutions and accelerate its transformation into a cutting-edge digital bank, per a statement on Thursday.

Mobilink Bank aims to leverage Veon’s investment to expand its reach, optimise operations and roll out innovative digital products tailored to meet the evolving needs of individuals and businesses. The investment arrives at a critical juncture for the country’s banking sector, buoyed by the State Bank of Pakistan’s recent policy rate reduction, signalling economic revival.

Mobilink Bank’s leadership views the capital infusion as a catalyst to strengthen its position as a key player in the financial ecosystem while advancing the socio-economic progress of the nation.

Aamir Ibrahim, chairperson of Mobilink Bank and CEO of Jazz said that with these funds, the company “will expand MSME financing, develop Islamic banking and further our commitment to digital readiness and financial inclusion in Pakistan”.

Interim CEO Haaris Mahmood Chaudhary echoed this optimism, highlighting that the investment is pivotal for Mobilink Bank’s strategic evolution. With over 20 million monthly active users and a vast network of 400,000 plus touchpoints nationwide, Mobilink Bank continues to bridge the financial gap for millions, blending innovation and inclusivity. Veon Group’s support underscores its broader mission of advancing technology and empowering communities across its global footprint.