JazzCash Partners with Pakistan’s Benazir Income Support Programme to Channel Cash Disbursements to Women Beneficiaries, Helping the Fight against Poverty
Rhea-AI Summary
JazzCash, VEON's fintech platform in Pakistan, has partnered with the Benazir Income Support Programme (BISP) to distribute government cash support to women beneficiaries. JazzCash will channel PKR 78 billion (~USD 187m) to 1.3 million BISP-registered women across Pakistan by end of next year. The company has already transferred PKR 15 billion to beneficiaries in Hyderabad, Matiari and Rahim Yar Khan regions. The initiative includes dedicated disbursement centers, training support, and a complaint management unit with regional language support to ensure effective assistance.
Positive
- Secured major government partnership to distribute PKR 78 billion (~USD 187m)
- Already disbursed PKR 15 billion in initial phase
- Expanding customer base by 1.3 million beneficiaries
- Strengthening market position in Pakistan's fintech sector
Negative
- None.
News Market Reaction – VEON
In the trading session that priced this news, VEON declined 2.45%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Amsterdam, Dubai and Islamabad, 05 November 2024 – VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, announces that JazzCash, its fintech platform in Pakistan, has joined hands with the Benazir Income Support Programme (“BISP”) to distribute cash support, provided by the Government of Pakistan, to women beneficiaries. The first batch of disbursements within the scope of this partnership, which supports Pakistan’s fight against poverty. has been completed in 3 cities.
Launched in 2008, BISP is a Pakistan Government initiative that provides unconditional cash transfers to female beneficiaries to reduce poverty and provide a national social safety net.
JazzCash, in collaboration with Mobilink Microfinance Bank, will channel cash payments totaling PKR 78 billion (~USD 187m) to 1.3 million BISP-registered women beneficiaries across Pakistan by the end of next year. So far, JazzCash has successfully transferred PKR 15 billion to beneficiaries in the Hyderabad, Matiari and Rahim Yar Khan regions.
Murtaza Ali, President of JazzCash, said: “We are proud to partner with BISP, the country’s leading social protection programme, in the vital mission of alleviating poverty, and raising living standards, especially for women. We are committed to providing financial access to millions of underserved citizens. By offering affordable payment solutions and credit, JazzCash is playing a crucial role in bridging the financial inclusion gap across the country.”
As Pakistan’s largest fintech platform, JazzCash has developed a comprehensive payments infrastructure to ensure safe, dignified, and accessible disbursements to beneficiaries. Dedicated disbursement centres offer support and specific training to ensure that beneficiaries are well-informed about the process and encouraged to use funds effectively. Through this and other initiatives, JazzCash is also helping to increase financial literacy among the most vulnerable in the country. In addition, JazzCash has also set up a complaint management unit that employs customersupport agents who speak regional languages ensuring timely and effective assistance.
With VEON’s Digital Operator 1440 strategy, our digital operators serve the millions of underserved customers and businesses of all sizes with access to digital financial services, healthcare, education, entertainment, enterprise solutions and connectivity. With products and initiatives that promote inclusive economic growth, VEON companies support poverty alleviation and sustainability in the 6 markets we proudly serve.
About JazzCash
JazzCash is Pakistan's leading fintech platform, serving over 44.4 million customers. As the most widely used fintech application in the country, JazzCash plays a pivotal role in Pakistan's financial services ecosystem. It supports entrepreneurs, small businesses, and individuals by offering seamless access to payments, loans, insurance and savings—all through mobile devices. As of August 8, 2024, the platform boasts 17.7 million monthly active users. For more information, please visit: www.jazzcash.com.pk.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than
Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s corporate social responsibility and investment plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communications
pr@veon.com
MHP
Julian Tanner
Julian.tanner@mhpgroup.com
