VEON Group has committed a further $20m to Mobilink Bank, deepening its bet on Pakistan's fast-expanding digital banking and microfinance sector and reinforcing its push into digital Islamic finance.

The latest capital injection follows $15m deployed in January 2025, signalling sustained backing for Mobilink Bank's integration with JazzCash and its broader digital ecosystem strategy.

VEON, a Nasdaq-listed global digital operator serving over 150m connectivity customers and more than 140m monthly active digital users across five countries, said the funds will be directed toward scaling Mobilink Bank's MSME financing portfolio, expanding its Shariah-compliant offerings and accelerating its transition into a technology-driven, digitally native institution.

The investment aims to widen regulated financial access for underserved communities, particularly small enterprises and women. The move also aligns with VEON's wider strategy of strengthening high-impact financial platforms through disciplined capital allocation and technology-led transformation.

Aamir Ibrahim, member of VEON's executive committee and chairman of Mobilink Bank, described the funding as evidence of long-term commitment to Pakistan and confidence in structural shifts within the digital financial services landscape. He said the capital would bolster technological resilience and support inclusive digital banking growth.

Haaris Mahmood Chaudhary, president and chief executive of Mobilink Bank, noted that the new funding would accelerate the expansion of Islamic banking services, enabling small businesses to formalise cash flows, access regulated credit and build financial durability.

Mobilink Bank's deposit growth and focus on MSME lending have contributed to transitioning businesses from informal cash practices to formal banking channels. The lender's women-centric financial products and green finance initiatives are positioned as tools to foster inclusive development amid economic and climate challenges.

Together with JazzCash, which serves more than 57m customers through a network exceeding one million merchants and agents nationwide, the bank anchors one of Pakistan's largest digital financial ecosystems. Over the past year, JazzCash processed gross transaction volumes surpassing Rs15trn, underlining fintech's scale and growing role in expanding financial inclusion across the country.