4 May, 2023​ Despite a 16% year-on-year (YoY) growth in overall revenues in local currency, Jazz’s revenue decreased 20.4% in USD terms during the first quarter of 2023, mainly due to 47% YoY PKR devaluation. “This includes delinking the spectrum price from the US dollar, staggering license payments over ten annual installments instead of five, and implementing a regulatory approach to encourage disciplined inflationary pricing,” he added.

The performance of Jazz’s digital services during the quarter solidified its position as the country’s leading digital operator. Its digital financial service, JazzCash, reached 14.6 million monthly active users, served 1.4 million customers with digital loans, and recorded 2 billion transactions in the last twelve months, with a Gross Transaction Value of PKR 4.5 trillion.

Its self-care app, Jazz World, continued to enjoy strong customer adoption levels, with monthly active users growing by 15.9% YoY to reach 12.2 million. Meanwhile, its rapidly growing entertainment platform, Tamasha, witnessed accelerated growth, reaching 5.6 million monthly active users, a 5.6x YoY increase. Jazz’s focus on customer-centricity and innovation, along with sustained investments throughout its value chain, has led to consistent growth in revenue market share of around 1% per year over the past 5 years.