JazzCash success story recognised at MWC 24

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The business growth potential and the financial inclusion focus of JazzCash as presented by CEO Jazz Aamir Ibrahim took the center stage during the Connected Industries discussions at the Mobile World Congress Barcelona 2024.

The audience comprising global fintech leaders, analysts, and media specifically applauded JazzCash in accelerating financial inclusion in Pakistan – a country that houses 2.8% of the world’s population, but a staggering 8% of the unbanked population globally.

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Aamir said that Jazz’s expansive outreach and status as the most loved digital brand gives the company the advantage of cashing in on its legacy to have a tremendous impact on Pakistan’s economy at large, and the livelihoods of a common Pakistani. This backing also provides JazzCash with the scale to reach people who are often overlooked by the formal banking system.

He highlighted Jazz’s massive footprint in Pakistan, connecting over 70 million people and positively impacting their lives and livelihoods through digital and financial inclusion. With its DO1440 strategy, where Jazz offers digital experience for every minute of the day to its customers, the scope of serving customers across fintech, entertainment, cloud services etc. has markedly widened, opening doors to new possibilities in Pakistan’s nascent digital landscape.

Talking of the impact that JazzCash has created on the much-needed shift to digital financial services and financial inclusion of the masses, Aamir apprised the audience that the fintech processes 7 million transactions a day, which account for nearly 7% of Pakistan’s GDP.

Aamir added that through JazzCash QR codes, available with 330,000 merchants nationwide, more payments are made than the money processed by a major credit card brand in Pakistan, which has been around for decades. In terms of scale, JazzCash has surpassed traditional credit and debit cards in Pakistan, he revealed.

Responding to a query, he informed that JazzCash with a customer base of 44 millionhas made a concerted effort to prioritize gender-intentional financial inclusion. This proactive approach has led to a significant increase in the representation of women within JazzCash’s customer base. “As a result, around 30 percent of JazzCash customers are now women, a significant increase from just 17 per cent a couple of years ago,” he informed. To foster a more inclusive and balanced economic landscape, he pledged to reach a 50 percent representation of women in JazzCash’s customer base in the coming years.

Outlining the broad ambit of digital financial services, especially for developing and economically challenged nations like Pakistan, Aamir said that it goes beyond payments to include critical services like savings, microloans, and insurance.

He revealed that JazzCash recently launched the industry’s pioneering free health and life insurance offering for nano loan customers. By introducing free life and health insurance to ReadyCash customers, we are not just redefining lending, we are protecting dreams, securing futures, and prioritizing our customers’ well-being, he added.

Aamir also shed light on the importance of nano loans, stressing how responsible nano-lending offers immediate financial relief and provides a safety net for the unforeseen challenges life may bring. At the end, he reiterated JazzCash’s commitment to continue serving the unbanked and underbanked segments in the country.

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