Islamabad: Pakistan’s largest mobile operator and digital service provider aims to double its revenue with an annual growth rate of 19-22%, with a quarter coming from non-telco businesses such as fintech platforms JazzCash, Garaj Cloud and Digital. streaming service Show until the end of 2027.
This wish was shared by Jazz CEO Aamir Ibrahim in an interview with journalists. Jazz has more than 71 million mobile subscribers and 67 million monthly active users on digital services, a quarter of whom are non-Jazz.
It has a revenue market share of more than 45% with a CAGR growth of 18.81% from the last quarter of 2021 to December 2023 in the mobile services market.
Last year, Jaz, along with its sister company Mobilink Microfinance Bank, reported revenue of $3113 billion.
Jazz CEO Aamir Ibrahim told reporters, “To fulfill this vision and reinvent ourselves with the evolving needs and lifestyles of our customers, we have created a strategic business unit in financial services and integrated it with a service company approach, in addition to our core consumer business. engagement with the company’s solutions and platforms.”
Pakistan, with a population of 244 million, 64% of whom are under the age of 30, offers great potential for digital growth. Over 100 million senior citizens remain unbanked and mobile broadband penetration is only around 55%.
“Closing this digital divide represents a huge opportunity for economic growth and social development. Jazz is a strategic partner in accelerating the government’s approach to digital transformation for social and economic development, and has provided a secure digital infrastructure beyond connectivity.”
Since its inception, Jaz has invested $10.6 billion in Pakistan over the past few years, focusing on strengthening the digital ecosystem in the fintech, cloud services and digital entertainment verticals.
Answering questions, Aamir informed that he is laser-focused on the core business of expanding the coverage and capacity of the 4G network, especially in semi-urban and rural areas, to ensure that every Pakistani can benefit from the transformative power. mobile broadband offers customers a digital experience every minute of the day, while focusing on digital services as part of the DO1440 strategy.
This mission is reflected in everything we do, and we will do whatever it takes to put smartphones in every hand, broadband in every home, and QR codes in every corner shop, which is all at the heart of digitization. But we cannot achieve all this alone and we need a whole-of-government approach to ensure the right policies, taxation and a sensitive regulatory approach.
Commenting on the latest budget, Amir urged the government to reconsider its move to impose additional taxes on smartphones, telecommunications and internet so that people from all socio-economic strata can avail life-changing services.
“In almost every industry, growth is driven by connectivity and digital platforms. Companies today risk losing business opportunities if they fail to integrate their services and infrastructure into the emerging digital ecosystem.
Instead of burdening this industry and users, we should empower half of Pakistan’s unconnected population with high-speed mobile broadband to contribute to efficiency gains in all other sectors of the economy and leave no one behind,” concluded Aamir.
