ISLAMABAD, November 14, 2024: Jazz, together with JazzCash, Mobilink Microfinance Bank (MMBL), and other VEON Group digital entities in Pakistan, has announced impressive financial growth for Q3 2024. These results underscore the strength of Jazz's strategic shift to a ServiceCo model, which has empowered the company to respond swiftly to the growing digital needs of its customers in high-growth areas such as fintech, cloud, data centers, software, and connectivity.

Guided by its purpose of improving and transforming lives and livelihoods across Pakistan—especially for women and youth—Jazz’s growth trajectory reflects its commitment to enabling a digitally inclusive future. Total revenues grew by 22.6% year-on-year (YoY) in local currency, with the expansion driven by a digital-first approach that aligns with Pakistan’s journey toward digital transformation. The ServiceCo model has enabled Jazz to enhance customer engagement and drive significant value, resulting in revenue growth and a substantial expansion of its 4G user base.

In Fintech, Jazz’s flagship JazzCash service saw revenues surge by an extraordinary 85.5% YoY, while MMBL achieved a 56.3% YoY revenue increase, together fueling a significant boost in direct digital revenues. JazzCash’s EBITDA soared to PKR 3.2 billion, up from PKR 561 million in Q3 2023, while MMBL’s EBITDA reached PKR 4.5 billion, reflecting 124% YoY growth. Total EBITDA increased by 14.7% YoY, marking Jazz’s seventh consecutive quarter of 20%+ revenue growth—a strong indicator of its operational resilience and capacity to drive digital transformation.

Jazz's 4G user base expanded to 49.4 million (+14.5% YoY), with a 4G penetration rate of 69.1%. Jazz’s comprehensive DO1440 strategy also delivered a 23% YoY increase in multiplay B2C customers, who generate 3.5 times the ARPU of voice-only users and now contribute 58.8% of B2C revenues—a 10.4 percentage point increase YoY. This customer-focused approach, prioritizing high-value services and enhancing digital engagement, underscores Jazz’s role in Pakistan’s ongoing digital evolution.

Aamir Ibrahim, CEO of Jazz, commented, “As we celebrate our 30th anniversary, our Q3 results highlight the strength of our digital and fintech portfolios and validate our successful transition to a ServiceCo model. These achievements reflect our commitment to using technology to improve and transform lives and livelihoods across Pakistan, particularly for women and youth. Our new Jazz World Headquarters symbolizes this mission, serving as a hub for sustainable growth, digital inclusion, and long-term value creation through innovation. As we advance, we remain dedicated to empowering Pakistan’s digital journey and creating a more connected future for all.”

Key Digital Milestones:

• JazzCash continues its remarkable growth, with 19.2 million Monthly Active Users (MAUs) and a Gross Transaction Value of PKR 8.4 trillion (+59.4% YoY). Daily digital loan issuance exceeded 118,000 (+111% YoY), with digital lending revenues more than doubling, underscoring the platform’s pivotal role in financial inclusion.
• MMBL’s award-winning ‘Invisible Heirs’ campaign, highlighting women’s inheritance rights, gained international recognition by winning the GSMA M360 Asia-Pacific ‘Digital Nations Video Creativity Award,’ further strengthening Jazz’s commitment to financial empowerment for women.
• The SIMOSA self-care app grew by 13.9% YoY to reach 15.4 million MAUs and attracted over 200,000 non-Jazz users, reinforcing its position as the top lifestyle app on the Google Play Store. Meanwhile, Tamasha expanded its reach internationally, streaming Pakistan’s Test Cricket matches against Bangladesh across sub-Saharan Africa and India. The platform, now with 10.6 million MAUs, showcased Pakistani pride at the Paris Olympics by broadcasting Arshad Nadeem’s gold medal celebration.

As Pakistan’s digital leader, Jazz continues to build a high-value digital ecosystem that improves lives and drives the country's journey toward a more inclusive, technologically empowered future.