JazzCash reaches 60 million customers with $59.7 billion in transactions

JazzCash, a subsidiary of VEON Ltd. (NASDAQ: VEON), reported reaching 60 million registered customers and processing PKR 16.8 trillion (approximately $59.7 billion) in gross transaction value for the twelve-month period ending March 31, 2026, representing a 56% year-over-year increase.

The Pakistan-based digital financial services provider added 10 million registered customers during the twelve-month period, with 29.2 million customers active during the first quarter of 2026. Transaction volume increased 47.3% year-over-year, while the average number of transactions per user rose 35.8% in the first quarter.

JazzCash reported onboarding its one millionth Raast QR-enabled merchant, creating what the company described as Pakistan's largest digital payment acceptance network. The platform processed an average of 202,000 loans per day during the first quarter of 2026.

Financial Services revenues from JazzCash and Mobilink Microfinance Bank combined reached $119 million in the first quarter of 2026, growing 49.6% year-over-year, according to the company's statement.

"The State Bank of Pakistan's progressive regulatory environment continues to open new frontiers for digital financial services," said Murtaza Ali, CEO of JazzCash. The company plans to expand into insurance technology, asset fractionalization, and cross-border remittance capabilities.

JazzCash operates under a Branchless Banking charter and provides mobile wallet services in collaboration with Mobilink Microfinance Bank. The platform offers payments, lending, insurance, welfare disbursements, and government-to-person payment services across Pakistan.

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