Money moving through JazzCash and Mobilink Bank reached Rs. 6.9 trillion between July and September, 79.2% more than in the same quarter of 2025. VEON, the parent company, published the figure in its third-quarter results on Friday.
The number of people who used JazzCash at least once in the quarter rose to 30.4 million from 26.3 million a year earlier. Registered branchless bank accounts stand at 65 million, up from 53.5 million.
VEON now reports the Pakistani financial business, which covers JazzCash, Mobilink Bank and the insurer JazzSure (the rebranded TPL Insurance), separately from the Jazz phone network. Its earnings release puts the unit’s revenue at Rs. 43.4 billion for the quarter, up 67.6%, with a net profit of Rs. 6.8 billion.
Lending earns most of that money. Credit-related revenue was Rs. 26.1 billion, against Rs. 9.7 billion from payments and transaction fees. The release adds that a large share of transactions earns nothing: only Rs. 3.2 trillion of the Rs. 6.9 trillion, or 46%, was chargeable.
| Measure | July to September 2026 | Change on a year earlier |
|---|---|---|
| Total revenue | Rs. 43.4 billion | +67.6% |
| Net profit | Rs. 6.8 billion | not comparable |
| Transaction value | Rs. 6.9 trillion | +79.2% |
| Active customers | 30.4 million | +15.6% |
| Active merchants | 957,100 | +121.9% |
| Customer deposits | Rs. 287 billion | +61.6% |
| Loan portfolio | Rs. 134.6 billion | +51.9% |
The small loans are the fastest-growing part. JazzCash issued more than 230,000 nano-loans a day in the quarter, averaging Rs. 5,700 with a tenor of about four weeks. That book is now Rs. 46.1 billion, up from Rs. 20.0 billion a year ago, and VEON says 93.2% of the principal on loans that came due was recovered. Larger bank loans stand at Rs. 88.5 billion, and the share of them in default fell to 8.1% from 10.4%.
The cost of lending is rising too. Provisions for bad loans grew 33.2% to Rs. 11.2 billion. VEON also warns that tighter identity checks and account monitoring, which it says JazzCash is leading on, may slow growth and add friction for customers in the short term.
On the shop side, 957,100 merchants took a JazzCash payment during the quarter, more than double last year’s 431,300, and VEON counts about 2 million merchants on the network. On the wallet side, yesterday Upwork added JazzCash and Easypaisa withdrawals for freelancers in Pakistan, a separate route for money to reach the wallet.
VEON’s results for the full group, including the Jazz network, come in the same press release, which raised the company’s 2026 revenue growth outlook to 16-18%.
