Latest news with #JazzCash
Forbes
15 hours ago
- Business
- Forbes
How Fintech Is Bridging The Credit Gap For The World's Unbanked
Murtaza Ali is President of JazzCash. getty Zara, a skilled seamstress in Lahore, often called the heart of Pakistan, creates intricate wedding garments that are in high demand throughout her community. Though she has reliably paid her utility bills for 15 years and maintains a positive balance in her mobile wallet, not a single bank would approve her loan application to expand her growing business. Her predicament mirrors that of millions across Pakistan who remain invisible to the traditional banking sector. This issue represents a pressing economic challenge in Pakistan, as well as other parts of the world: having a vast population with demonstrable financial discipline, yet for many, no pathway to formal credit. According to recent statistics, 60% of Pakistan's adult population is integrated into the financial system, with less than 2 million having access to formal credit. Traditional banks require financial documents including salary slips, tax documents and collateral, which excludes millions in the informal sector from formal lending opportunities. As a result, these individuals have no choice but to rely on informal lenders, who are often not transparent with their terms and can exacerbate financial insecurity. The consequences extend beyond individual hardship, creating systemic barriers that stifle entrepreneurship, limit business growth and constrain economic mobility across all sectors. On the other hand, fintech credit scoring models help expand financial inclusion, as they enable risk assessment beyond conventional metrics such as collateral or salary slips. Fintechs can use alternative digital data, such as wallet transactions and payment patterns, to assess creditworthiness for people outside the formal banking system. This is a game changer for Pakistan's unbanked population, who can access real-time credit with their pre-whitelisted limits—preapproved borrowing amounts determined using alternative data such as mobile usage or digital transaction history. The impact of this approach is already proving transformative in Pakistan. Through fintech-based credit from digital lenders such as our company, JazzCash, small and medium-sized businesses, which account for 40% of Pakistan's GDP and employ roughly 80% of the workforce, are now able to more easily expand their operations, purchase inventory and improve cash flow. These data-driven innovations are beginning to reshape Pakistan's financial landscape providing crucial credit to small businesses and individuals often overlooked by traditional banks, complementing the State Bank of Pakistan's wider push to expand financial inclusion. Fintech innovations are also transforming access to credit in other emerging markets beyond Pakistan. In the Philippines, digital disruptors such as Tonik and Salmon are similarly stepping in to solve the challenges of lending to consumers without formal credit histories. Salmon, for example, uses AI-driven credit evaluation methods and alternative data in its lending process. It has also integrated facial recognition technology into its KYC processes. Other emerging markets are also feeling the benefits of innovative, tech-enabled credit scoring tools. In Kenya, M-Shwari, a mobile-based credit solution that uses transaction history and behavioral data to determine loan eligibility, has so far disbursed over $6 billion in loans and attracted 32 million users. In Latin America, meanwhile, inDrive Money, a financial services vertical of global ride-hailing platform inDrive, is also leveraging alternative data to facilitate loan access to drivers and unlock lending for the underbanked in Mexico, Colombia, Indonesia and Peru. While the impact of these types of fintechs is already significant, their work is not without its own set of obstacles, and several ongoing challenges remain. In underbanked markets—particularly those plagued by high rates of online fraud—newer fintechs must work hard to win the trust of customers who might be skeptical about using digital services. This means they have to actively counteract this perception by heavily investing in locally targeted marketing and financial education initiatives. Additionally, since these consumer-lending fintechs need to leverage alternative data for credit scoring, they are heavily reliant on operating in markets with progressive, forward-thinking regulators. So, expanding access to credit in markets where the regulator doesn't explicitly allow the use of alternative data for credit scoring is a challenge. Lastly, fintechs rely on 'unstructured' alternative data, which is less concrete and therefore more challenging to use for accurately forecasting financial behavior. Therefore, they require access to far larger volumes of data to create accurate credit engines. While larger fintechs, including our company, have already found ways to meet this challenge, many smaller players are still actively working to overcome it. As the president of one of Pakistan's leading fintechs, I recognize that harnessing alternative data and digital technologies is an effective and accessible way of unlocking consumer lending and bringing millions of the unbanked into the formal economy. While making a difference to the economic empowerment of individuals like Zara, the seamstress from Lahore, it can also have an important multiplier effect for the economy and society at large. Providing financial services to unbanked individuals, women in particular, can fuel economic growth and job creation, as well as play a key role in improving health, education and food security. With nonbank financial intermediaries holding 49% of global financial assets, fintechs have the power to become the force for driving greater financial access on a global scale. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Business Recorder
5 days ago
- Business
- Business Recorder
12 cities nationwide: JazzCash facilitating QR-based payments at 27 cattle markets
ISLAMABAD: JazzCash is facilitating QR-based payments at 27 cattle markets across 12 cities nationwide -- initiative replaces traditional cash transactions with seamless digital payments, ensuring safety, transparency, and convenience for cattle farmers, merchants, and buyers alike. Following its success last year—facilitating the most widespread interoperable RAAST QR digital payments campaign and contributing over one-third of all QR transactions in the industry—JazzCash is once again enabling secure, efficient, and cashless transactions during this Eidul Azha season. In line with the State Bank of Pakistan's vision to promote digital financial inclusion, JazzCash is facilitating QR-based payments at 27 cattle markets across 12 cities nationwide. This initiative replaces traditional cash transactions with seamless digital payments, ensuring safety, transparency, and convenience for cattle farmers, merchants, and buyers alike. The project aims to integrate rural and semi-urban communities into the digital economy, expanding access to essential financial services and fostering economic empowerment. Adding to its innovative offerings, JazzCash has partnered with Saylani Welfare Trust to launch a digital Qurbani service through the JazzCash app. This service allows customers to conveniently select their preferred Eid day and pickup location or opt to have the meat distributed on their behalf, making the Qurbani process more accessible and hassle-free. JazzCash hosts over 22 million RAAST IDs and an extensive network of more than 535,000 merchants. The platform facilitates the digitization of over PKR 20 billion in QR transactions every month, underscoring its pivotal role in driving the adoption of RAAST payments and advancing Pakistan's fintech landscape. 'JazzCash is committed to empowering communities by making digital payments accessible, secure, and convenient. Our initiatives during this EidulAzha season reflect our dedication to financial inclusion, helping Pakistanis embrace the benefits of a digital economy,' said Khayyam Siddiqi, Head of Communication, JazzCash. JazzCash, Pakistan's leading fintech platform serving nearly 50 million customers, continues to spearhead the country's digital payment revolution, he added. Copyright Business Recorder, 2025
Time Business News
31-05-2025
- Business
- Time Business News
How to Exchange Payeer to JazzCash?
Payeer and JazzCash are two popular financial tools used in Pakistan's digital economy. Payeer is an international e-wallet widely used for online payments and currency exchange. JazzCash, on the other hand, is a local mobile wallet service in Pakistan, offering fast money transfers, bill payments, and mobile top-ups. Transferring money between international and local systems like Payeer and JazzCash can seem tricky. That's where XChangic comes in. XChangic is a trusted and fast-growing digital currency exchanger that helps users convert Payeer to JazzCash easily. The platform acts as a bridge between international wallets like Payeer and local wallets like JazzCash, making the process seamless and reliable. Whether you're a freelancer, investor, or trader, XChangic provides a quick, secure, and user-friendly interface for currency exchanges. Here are some compelling reasons to use XChangic: Instant Transactions – Most exchanges complete within minutes. – Most exchanges complete within minutes. Trusted by Thousands – Verified user reviews across Pakistan. – Verified user reviews across Pakistan. 24/7 Customer Support – Available on WhatsApp and live chat. – Available on WhatsApp and live chat. Best Exchange Rates – Competitive compared to local dealers. – Competitive compared to local dealers. Secure and Transparent – Two-step verification and SSL encryption. Head over to XChangic's website and make sure you're on the official page (secure lock icon). From the exchange section, select: Send : Payeer USD : Payeer USD Receive: JazzCash PKR Input the amount you want to send. Fill in your: Full Name JazzCash Number Email Address Click on 'Exchange Now.' You'll see a summary of the transaction. Confirm to continue. Send the exact USD amount to the Payeer address provided. Copy-paste to avoid errors. Once sent, XChangic will automatically detect your payment and process the order. After a few minutes, you'll receive your PKR in the JazzCash wallet you entered earlier. It's that simple! Your transactions and personal data are protected by: 256-bit SSL Encryption Two-Factor Authentication (2FA) Manual verification for suspicious activity Transparent order history These features make XChangic one of the safest platforms for Payeer to JazzCash conversions. Converting Payeer to JazzCash with XChangic is one of the fastest, safest, and most convenient ways to receive your funds in Pakistan. Whether you're a freelancer, or online shopper, XChangic offers transparent pricing, fast support, and instant delivery. People searching for financial topics like Andy Beshear net worth often care about secure and trustworthy platforms—just like XChangic is for e-currency exchange. Ready to get started? Head over to XChangic and exchange Payeer to JazzCash within minutes. Yes, as long as you follow KYC and AML rules. Typically under 10 minutes if all details are correct. $10 USD is the minimum transaction limit on XChangic. Not mandatory but recommended for higher limits and faster service. No, all charges are transparent and shown before confirmation. It's recommended to use your own registered JazzCash account for smooth processing. TIME BUSINESS NEWS
Business Recorder
17-05-2025
- Business
- Business Recorder
Mehdi joins Jazz as Group Head Corporate, Regulatory Affairs
ISLAMABAD: Zaheer Mehdi has joined Jazz as Group Head Corporate and Regulatory Affairs, effective June 16, 2025. In this role, he will also support governance across Jazz's financial services entities — Mobilink Bank and JazzCash — as the company strengthens its institutional oversight and strategic preparedness. Zaheer brings over 30 years of experience in corporate banking, regulatory affairs, public policy, and financial services. Prior to joining Jazz, he served as Chief Government and Corporate Relations Officer at Engro Corporation, where he led regulatory advocacy and contributed to corporate strategy as part of the Executive Committee. His distinguished career includes senior roles at Standard Chartered, where he served as CEO of Standard Chartered Modaraba and Managing Director of Standard Chartered Bank, working closely with regulators, policymakers, and industry stakeholders. As part of this transition, Jazz also announced that Syed Fakhar Ahmed, who has led the Corporate and Regulatory Affairs function with distinction, will now take on the role of Advisor, Special Initiatives. Over the years, Fakhar has played an instrumental role in advancing Jazz's public policy agenda, expanding high-level engagement, and ensuring the company's credible voice during moments of national importance — from the COVID-19 pandemic and 2022 floods to the evolving geopolitical climate. Welcoming him to the leadership team, Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Bank, said, Aamir Ibrahim, CEO of Jazz, said: 'Zaheer's appointment reflects our commitment to strengthening institutional relationships and regulatory alignment as we evolve into a multi-vertical ServiceCo. His cross-industry experience and deep understanding of policy and governance will be key to our next chapter. I would also like to thank Fakhar for his steady leadership and the impact he's made in advancing Jazz's external engagement agenda.' These leadership changes are aligned with Jazz's broader transformation into Pakistan's leading ServiceCo—an integrated digital services company serving over 100 million users across fintech (JazzCash), entertainment (Tamasha), digital self-care (SIMOSA), insurtech (FikrFree), cloud (Garaj), and gaming (GameNow). This evolution reflects Jazz's strategic shift from connectivity to capability, delivering technology-driven platforms that improve lives and livelihoods across the country. Copyright Business Recorder, 2025
Business Recorder
15-05-2025
- Business
- Business Recorder
Jazz posts 20.3pc revenue growth YoY in Q1
ISLAMABAD: Jazz, country's leading digital operator and a part of the VEON Group, reported a 20.3 per cent year-on-year revenue growth in Q1 2025, driven by continued digital diversification and disciplined cost management. During the quarter, Jazz invested Rs9.5 billion—marking a 78.4 percent year-on-year increase—to expand 4G capacity and scale its digital platforms. This performance was delivered despite persistent macroeconomic and policy headwinds impacting the telecom sector. Direct digital revenues grew 49.5 per cent YoY, contributing 27.7 per cent to total revenue, driven by strong fintech and digital services performance and Jazz's strategic shift to platform-based models. With over 20.6 million monthly active users, Pakistan's leading fintech JazzCash processed a gross transaction value of Rs 10.7 trillion during the last twelve months as of March 2025. Its extensive network, comprising 121,000 active agents and over 340,000 active merchants, has facilitated considerable digitalization of society, with approximately 142,000 digital loans issued daily. Mobilink Bank also delivered a strong performance, recording 25.5 per cent revenue growth. Among digital verticals, Tamasha—Pakistan's largest home-grown streaming platform—grew 37.6 per cent year-on-year to 16.5 million MAUs, driven by exclusive cricket content, including over 57 live match days across the ICC Champions Trophy, PSL, and major bilateral series. SIMOSA, Jazz's Sim-Care, Lifestyle & Social app, grew to 20.9 million MAUs, with its new social community attracting 1 million users within 23 days of launch in Q1 2025. FikrFree, Jazz's AI-powered insurance and healthcare marketplace, has surpassed 1 million MAUs and 1.8 million policies sold since its October 2024 launch, with new features underway to expand access to quality healthcare nationwide. ROX—Jazz's youth-centric digital lifestyle platform—also grew to 700,000 monthly active users. The company's mobile customer base reached 73.4 million, with 4G users increasing 16 per cent year-on-year to 53.3 million. Mobile ARPU rose 14.0 per cent to PKR 328, supported by higher data usage and uptake of digital bundles. Multiplay customers—who use more than one Jazz service—grew 33.1 per cent and now account for 37 per cent of the user base. EBITDA grew 13.2 per cent year-on-year, while EBITDA margins slightly declined to 42 per cent, reflecting a shifting revenue mix. As Jazz scales new digital platforms, which have comparatively lower margins than traditional telecom services, investments in innovation and service diversification are expected to drive long-term growth. Aamir Ibrahim, CEO of Jazz, said: 'This growth reflects our successful transformation into a ServiceCo—powered by innovation, financial discipline, and a deep commitment to digital inclusion. We're building platforms that empower individuals, enable small businesses, and help create a more connected, resilient Pakistan. To sustain this momentum, we urgently need tax and policy reforms that recognise the strategic value of digital infrastructure and foster long-term investment.' As Pakistan's top taxpayer, Jazz has contributed over Rs502 billion to the national exchequer in the past decade. Copyright Business Recorder, 2025
