JazzCash and its associated financial services businesses recorded a 67.6 percent year-on-year increase in revenue to Rs43.4 billion for the third quarter ended September 30, 2026. According to the Business Recorder, this growth was driven by a surge in digital transactions, expanded lending, and VEON's strategic moves in Pakistan’s telecom and financial markets.
The Pakistan financial services business, which includes JazzCash, Mobilink Microfinance Bank (MMBL), and JazzSure (formerly TPL Insurance), posted a net profit of Rs6.8 billion during the quarter. Profit before tax saw a much larger jump of 296.8 percent to Rs8.9 billion. The business generated a gross transaction value (GTV) of Rs6.9 trillion, a 79.2 percent increase from Rs3.86 trillion in the same period last year.
The report attributes this growth to the increasing adoption of merchant services, money transfers, and digital payments. Branchless banking accounts grew 21.6 percent to 65 million, while active customers during the quarter rose 15.6 percent to 30.4 million. Transaction volumes increased 72.8 percent, and the average number of transactions per active customer grew 53.5 percent.
The merchant network saw a significant expansion, with active merchants reaching 957,100 compared to 431,300 a year earlier, representing a 121.9 percent increase. The Business Recorder notes that the overall merchant base approached two million by September 2026.
Revenue breakdown shows payments and transaction revenue increased 67.8 percent to Rs9.73 billion, while credit-related revenue rose 60.3 percent to Rs26.1 billion. Investment income grew 62.6 percent to Rs5.24 billion. Digital lending was a primary growth driver, with JazzCash issuing more than 230,000 nano-loans daily during the quarter.
As of September 30, the overall gross loan portfolio of the Pakistan financial services business increased 51.9 percent year-on-year to Rs134.6 billion. This total comprises Rs88.5 billion in conventional banking loans and Rs46.1 billion in nano-loans. The non-performing loan ratio for the banking loan portfolio improved to 8.1 percent from 10.4 percent a year earlier, while nano-loan recoveries rose to 93.2 percent from 91.5 percent. However, loan-loss provisions rose 33.2 percent to Rs11.2 billion.
