JazzCash Eyes Regional Expansion in Gulf Region for Seamless Remittance

Source:Business Recorder KARACHI:JazzCash, Pakistan’s leading digital financial services platform, has announced plans to expand its footprint in the Gulf region as part of its strategy to streamline cross-border payments for Pakistani users. Speaking atMoney20/20 Asia, Murtaza Ali, President of JazzCash, unveiled a strategic partnership withdu Pay, a UAE-based financial services provider. This collaboration enables seamless cross-border transactions throughWestern Union, allowing Pakistani nationals residing in the UAE to send money directly intoJazzCash mobile wallets. The initiative aims to make remittances faster, more accessible, and more convenient for the Pakistani diaspora. “As we expand our regional footprint, our partnership with du Pay and Western Union is a key step towards making cross-border transactions smoother and more efficient for our customers,” said Murtaza Ali. During his address, Murtaza shared JazzCash’s broader roadmap focused on innovation and inclusion. He highlighted key upcoming initiatives including: Expansion into Insurtechto help bridge Pakistan’s protection gap. Asset fractionalizationto allow users to own shares in high-value assets. Democratizing stock investmentsand trading. Growing the digital merchant base, with an emphasis onwomen-led businesses and freelancers. “Financial technology is not just reshaping economies, it is transforming lives—especially in underserved communities across emerging markets,” he noted. With more than20 million monthly active users, JazzCash is playing a pivotal role inPakistan’s shift from a cash-based to a digital economy. The platform boastsPakistan’s largest QR payments networkand holds the distinction of being thelargest digital loan issuerin the country, having disbursed108 milliondigital loansto date. In 2024 alone, JazzCash processed transaction values equivalent to9% of Pakistan’s GDP, and it accounts for nearly50% of all RAAST IDs, the national instant payment system—cementing its position as a cornerstone of Pakistan’s financial ecosystem. Murtaza also lauded theState Bank of Pakistan,Pakistan Telecommunication Authority, and theSecurities and Exchange Commission of Pakistanfor fostering a regulatory environment that encourages innovation while safeguarding consumer interests. He further highlighted the role ofVEON, the parent company ofJazz and Mobilink Microfinance Bank, in accelerating financial inclusion across its markets. VEON’s fintech operations, including JazzCash in Pakistan, Simply in Kazakhstan, and Beepul in Uzbekistan, collectively processed a gross transaction value of$36.5 billionover the twelve months ending December 2024. “The collaborative momentum within our ecosystem continues to empower millions and catalyze digital transformation across regions,” Murtaza concluded. The Money20/20 Asia event drew over3,000 senior decision-makersfrom global financial institutions, tech firms, andfintech innovators, underlining its status as a premier platform for the future of financial services.