At the WEF annual meeting in Davos, a crucial discussion on Pakistan’s economic progress and the role of digital payments in fostering growth took place. VEON Group CEO Kaan Terzioglu, along with Jazz CEO Aamir Ibrahim, met with Pakistan’s Finance Minister Muhammad Aurangzeb to talk about the nation’s significant strides in economic stability and the transformative power of digital finance.
The meeting highlighted Pakistan’s impressive economic turnaround, particularly noting the reduction of inflation from a staggering 40% in May 2023 to a much more manageable 4.9% in January 2025. Both Terzioglu and Ibrahim praised the Pakistani government’s efforts in establishing a favorable environment for economic stability and digital transformation, commending the policies that have laid the foundation for sustainable growth.
A key area of discussion was the success of JazzCash, a leading digital payment platform in Pakistan. Terzioglu and Ibrahim emphasized how JazzCash has become a game-changer in advancing financial inclusion and driving the shift toward a cashless economy. In 2024, JazzCash processed transactions worth around 9% of Pakistan’s GDP, reflecting its significant role in the country’s financial landscape. Furthermore, JazzCash accounts for more than 50% of all identities on Pakistan’s national payment platform, RAAST, solidifying its position as a vital component of Pakistan’s digital payment ecosystem.
This digital payments infrastructure has proven invaluable in serving both urban and rural economies, helping document informal financial activity that has traditionally been outside of the formal banking system. By connecting millions of underserved citizens, including women, with digital financial services, JazzCash is actively contributing to greater economic participation and social equity.
The discussion also turned to the broader potential of digital payments in promoting transparency, empowering small businesses, and expanding access to financial services, especially for marginalized communities. Both CEOs noted that digital payments provide a pathway to empower the underserved, creating opportunities for previously excluded individuals to participate in the formal economy.
As part of their continued commitment to Pakistan, VEON and Jazz have invested significantly in the country’s digital landscape. This includes a notable foreign direct investment (FDI) into Mobilink Microfinance Bank Limited (MMBL), a subsidiary of Jazz. This investment aims to deepen financial inclusion by offering innovative microfinance solutions, which can help bridge economic and social divides.
Both Terzioglu and Ibrahim stressed the importance of public-private collaboration in propelling Pakistan’s digital transformation. They called for policies that encourage further investment in digital infrastructure, enhance financial inclusion, and foster innovation that can unlock Pakistan’s full economic potential.
“Digital payments are a cornerstone of economic resilience and inclusion,” Kaan Terzioglu remarked during the meeting. Aamir Ibrahim echoed this sentiment, emphasizing that by investing in financial technology, Pakistan can not only create a more sustainable economy but also one that is transparent, equitable, and inclusive.
This meeting at the WEF underscores the ongoing partnership between VEON, Jazz, and the Pakistani government to drive innovation, enhance financial inclusion, and support sustainable growth in the country. By investing in digital technologies and infrastructure, both companies are helping Pakistan build a future where economic stability, inclusion, and growth are accessible to all.
