JazzCash, a digital financial services provider and subsidiary of VEON Ltd., has reached 60 million registered customers as of March 31, 2026. VEON's stock has surged 17.4% over the past week, trading at $56.89 with a market cap of $3.91 billion.
The platform processed PKR 16.8 trillion (approximately $59.7 billion) in gross transaction value for the twelve months ending March 31, 2026, a 56% year-on-year increase. Transaction volume rose 47.3% year-on-year in the same period.
JazzCash added 10 million registered customers in the past year. Active customers in Q1 2026 totaled 29.2 million. Average transactions per user increased 35.8% in Q1 2026 compared to the prior year.
The company onboarded one million merchants enabled with Raast QR payment capability. Raast is Pakistan's national instant payment system operated by the State Bank of Pakistan.
The platform processed an average of 202,000 loans per day in Q1 2026. Services include payments, lending, and government welfare transfers.
Financial Services revenues (JazzCash and Mobilink Microfinance Bank) reached $119 million in Q1 2026, up 49.6% year-on-year. VEON reported an 88% gross profit margin and EPS of $7.50. According to Bond.az analysis, VEON appears undervalued.
"The State Bank of Pakistan’s progressive regulatory environment continues to open new frontiers for digital financial services," said Murtaza Ali, CEO of JazzCash.
JazzCash operates under a Branchless Banking charter and provides mobile wallet services with Mobilink Microfinance Bank. VEON operates in five countries and is listed on Nasdaq.
