Sparks - VEON

Further strengthening Fintech operations in Pakistan

VEON’s Mobilink Microfinance Bank has agreed to acquire an 82.5% stake in Apna Microfinance Bank. The acquisition would add more than 70 business locations and extend its agricultural and small-business lending reach in underserved rural markets. Completion requires regulatory approvals, while consideration and capital requirements remain undisclosed.

Expanding customer base and distribution – monetisation synergies likely to be developed

The acquisition would expand Mobilink Bank’s customer base and rural distribution, creating opportunities to increase monetisation by cross-selling the group’s financial services, including JazzCash payments and JazzSure insurance. Jazz connectivity services could offer a further potential cross-selling opportunity.

Backing its strongest growth engine

VEON’s financial services operations are emerging as a key driver of growth and potential value. In Q326, revenue increased 54.2% y-o-y to $166.0m, representing 12.7% of group revenue, up from 9.6% a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 70.1% to $54.0m, increasing its contribution to group EBITDA from 6.1% to 9.4%.

Pakistan’s operations, comprising JazzCash, Mobilink Bank and JazzSure, have led this growth, with revenue increasing 59.9% in US dollar terms to $417.0m in the first nine months of 2026. This outpaced the 15.6% y-o-y increase in JazzCash’s quarterly active customer base to 30.4 million at end-September. Higher transaction frequency and lending, including nano-loans and term loans, are supporting monetisation, while insurance broadens the product offering. This monetisation record supports the commercial logic for acquiring Apna. VEON is also extending its financial services model across its markets and has received approval for a digital banking licence in Bangladesh.