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In half the markets VEON operates in, more than 50 percent of the adult population has no bank account so, according to co-Chief Executive Officer Sergi Herrero, “Expanding digital financial services is a key growth priority" as they look to meet the evolving needs of consumers.
The partnership they have signed with Mastercard covers Russia, Pakistan, Ukraine, Kazakhstan and Bangladesh and will support the financial and digital inclusion of traditionally underserved consumers in each geography.
Jorn Lambert, Chief Digital Officer, Mastercard said: “As digital transformation accelerates, there is also an opportunity to expedite its many benefits, including the way it effectively addresses consumer needs and experiences. Mastercard strongly believes in the power of partnership and we look forward to working closely with VEON to expand financial inclusion and greater access to the digital economy.”
This is not the first collaboration between VEON and Mastercard, who have worked together since May 2020 when Mastercard partnered with Mobilink Microfinance Bank Limited, VEON’s financial services provider in Pakistan, to boost financial inclusion across that fast-growing nation. MMBL claims that it’s the largest digital bank in Pakistan with more than 8 million active monthly digital wallets.
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