By our correspondent
ISLAMABAD: As digital payments continued to reshape financial systems across emerging markets, Pakistan was undergoing one of the most significant transitions in its financial landscape.
JazzCash International chairman and Veon Group executive committee member Aamir Ibrahim said fintech solutions had become essential in countries where traditional banking had long struggled to reach underserved populations.
“In most frontier markets, mobile phones reached people long before banks did,” Ibrahim said. “That gap created an opportunity for fintechs to solve very basic, everyday problems – from making payments to opening a simple mobile wallet.”
He said that opportunity had now reached meaningful national scale. JazzCash was serving more than 55 million customers, including 21 million active monthly users, reflecting how deeply mobile financial services had become embedded in everyday economic life.
The platform was supported by more than 300,000 agents nationwide and a rapidly expanding merchant ecosystem. Ibrahim noted that more than 650,000 Raast-enabled merchants now formed Pakistan’s largest financial access network, extending digital payments into major districts, markets and neighborhoods.
As economies digitized, he said, the role of financial technology extended far beyond convenience. “Digital transactions leave a trace. They support documentation, transparency and ultimately help governments manage and formalize economic activity,” he said, pointing to global trends in which governments increasingly viewed fintech as a partner in reducing the shadow economy.
Pakistan, one of the world’s most cash-dependent economies, was now moving rapidly towards greater digitization. Ibrahim said government-led efforts to promote a cashless framework, including instant payment platforms such as the State Bank of Pakistan’s Raast system, had accelerated adoption across the industry.
