Mobilink Bank Gains $15 Million Boost from VEON
Deal News | Jan 02, 2025 | Zawya
Global digital operator VEON Group has injected $15 million into Mobilink Bank, highlighting VEON's confidence in Pakistan's microfinance growth. This capital aims to bolster Mobilink Bank's capacity in Micro, Small, and Medium Enterprise (MSME) financing and explore opportunities in Islamic banking as well as digital transformation. Mobilink Bank, a leader in digital microfinance, will utilize these funds to enhance operational capabilities, broaden outreach, and foster economic inclusion by offering innovative financial solutions. This strategic move is timely given the State Bank of Pakistan's recent policy rate reductions, enhancing the prospects for economic growth. VEON's investment reflects its commitment to supporting Mobilink's vision and broader strategic goals of digital innovation, aligning with the bank's drive toward advancing financial inclusion and preparing for a tech-forward future.
Sectors
- Banking
- Digital Services
- Microfinance
Geography
- Pakistan – The investment is directed towards Mobilink Bank, which operates within Pakistan, reflecting VEON's strategic interest in this nation's financial ecosystem.
- Global – VEON Group is a global digital operator with operations in various markets, reflecting its broader international strategy.
Industry
- Banking – The article discusses a capital investment aimed at expanding services and digital capabilities within Mobilink Bank.
- Digital Services – VEON and Mobilink Bank's focus on digital innovation and the transition into a digital bank are highlighted, reflecting the evolving need for digital services.
- Microfinance – The investment is targeted towards enhancing microfinance offerings, which are a core component of Mobilink Bank's mission.
Financials
- 15,000,000 – The amount in USD injected by VEON into Mobilink Bank to bolster its growth initiatives.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| VEON Group | Investor | Company | A global digital operator providing converged connectivity and digital services, investing $15 million in Mobilink Bank. |
| Mobilink Bank | Target Company | Company | Pakistan's leading digital microfinance bank, the recipient of the $15 million investment from VEON to expand its services. |
| State Bank of Pakistan (SBP) | Regulator | Government | The central bank of Pakistan, credited with lowering policy rates, which frame the economic context for the investment. |
| Aamir Ibrahim | Chairman, Mobilink Bank & CEO, Jazz | Person | Executive leading Mobilink Bank and Jazz, commenting on the strategic impact of the investment. |
| Haaris Mahmood Chaudhary | Interim CEO, Mobilink Bank | Person | Executive at Mobilink Bank, expressing the significance of VEON's investment. |