Islamabad July 5 2024: With a compound annual growth rate of 19-22%, Pakistan’s largest cellular operator and digital services provider aims to double its revenue, with a quarter of it generated from non-telco businesses such as fintech platform JazzCash, Garaj cloud, and digital streaming service Tamasha by the end of 2027.
This ambition was shared by Aamir Ibrahim, CEO of Jazz, while talking to journalists. Jazz has over 71 million cellular subscribers and serves 67 million monthly active users on digital services, nearly a quarter of whom are non-Jazz users.
It holds over a 45% revenue market share in the cellular services market with a revenue growth of 18.81% CAGR from the last quarter of 2021 to December 2023.
Last year, Jazz, along with its sister concern Mobilink Microfinance Bank, reported a revenue of Rs.313 billion.
Aamir Ibrahim, CEO of Jazz, while talking to journalists said”To realize this vision and reinvent ourselves with the evolving needs and lifestyle of our customers, we have executed a conglomerate setup with a service company approach, creating strategic business units across financial services, enterprise solutions, and platforms, in addition to our main line of business in consumer connectivity, .”
Pakistan presents a massive digital growth opportunity, with a population of 244 million, 64% of whom are under the age of 30. Over 100 million of the adult population remain unbanked, and mobile broadband penetration is only around 55%.
“Closing this digital divide represents vast potential for economic growth and social progress. Jazz is strategically positioned to be a key partner in accelerating the government’s vision of digital transformation for socioeconomic growth and already offers a robust digital infrastructure beyond just connectivity.”
Since its inception, Jazz has invested USD 10.6 billion in Pakistan, with a particular focus on strengthening the digital ecosystem across fintech, cloud services, and digital entertainment verticals over the last few years.
“From introducing SMS and prepaid connection in Pakistan in early 90s to becoming the largest and fastest-growing VoLTE network in the region in 2024, Jazz has been at the forefront of innovation. With the new corporate structure, we will redefine the digital landscape by offering cutting-edge services and products tailored to the diverse needs of our customers,” Aamir emphasized.
Responding to a query, Aamir informed that the company has remained laser-focused on the core business, expanding the outreach and capacity of its 4G network, especially in semi-urban and rural areas, to ensure every Pakistani can benefit from the transformative power of mobile broadband while strategically pivoting towards digital services as part of its DO1440 strategy—offering digital experiences to customers every minute of the day.
“We are driven by the purpose of improving the lives and livelihoods of people, especially women, through technology. This mission is reflected in everything we do, and we will do whatever it takes to put a smartphone in every hand, broadband in every home, and a QR code in every corner shop, forming the basis of digitalization. But we cannot achieve this all alone and need a whole-of-government approach to ensure the right policy, taxation, and light-touch regulatory approach.”
Commenting on the recent budget, Aamir urged the government to reconsider its move to impose additional taxes on smartphones, telecom, and the internet so that people from all socioeconomic backgrounds can avail themselves of these life-transforming services.
“Growth in almost every sector is being driven by connectivity and digital platforms. In today’s age, companies risk losing out on business opportunities if they fail to integrate their services and infrastructure into emerging digital ecosystems.
Instead of burdening the sector and its users, it’s imperative that we are assisted in contributing to efficiency gains across all other sectors of the economy and empowering half of Pakistan’s unconnected population with high-speed mobile broadband to ensure no one is left behind,” Aamir concluded.
