ISLAMABAD: JazzCash revenue Q3 2026 Rs43.4 billion is the headline figure from VEON’s latest results, after the digital wallet business grew by 67.6 percent in the quarter ended September 30, 2026. JazzCash and its associated financial services businesses earned more because digital transactions surged and lending expanded, and the growth shows how fast Pakistanis are moving away from cash. The quarter also brought a net profit of Rs6.8 billion, with profit before tax up 296.8 percent to Rs8.9 billion. For a business built on small payments and small loans, the numbers are now very large.
The VEON Pakistan financial services JazzCash business covers JazzCash, Mobilink Microfinance Bank and JazzSure, the insurance arm that was formerly TPL Insurance. The three parts work together, with JazzCash bringing the customers and the merchants, the bank providing the regulated banking base, and the insurer adding cover to the same wallet. VEON said the combination is meant to expand access to payments, credit, savings, investments and insurance, and the latest quarter shows that the model is working.
The gross transaction value Rs6.9 trillion figure is the clearest sign of the scale. The business processed Rs6.9 trillion in the quarter, up 79.2 percent from Rs3.86 trillion in the same quarter last year. Branchless banking accounts rose 21.6 percent to 65 million, and customers active during the quarter rose 15.6 percent to 30.4 million. Transaction volumes increased 72.8 percent, and the average number of transactions per active customer grew 53.5 percent. People are not just joining, they are using the service more often.
The digital lending nano loans JazzCash business is the fastest growing part of the operation. JazzCash issued more than 230,000 nano loans every day during the quarter, and the overall gross loan portfolio rose 51.9 percent to Rs134.6 billion by September 30. That portfolio is made up of Rs88.5 billion in conventional banking loans and Rs46.1 billion in nano loans. The small loans reach people and small firms that banks have often ignored, including women led enterprises that have long worked outside the formal financial system.
The Mobilink Microfinance Bank JazzSure TPL Insurance combination is also part of the story. VEON completed the purchase of a controlling 76.33 percent stake in TPL Insurance on July 13, 2026, for 16 million dollars, and the deal was approved by the Competition Commission of Pakistan. The insurer is now called JazzSure, and it sits alongside the wallet and the bank. The group says the aim is to offer insurance through the same app that people already use for payments and loans, so that cover becomes as easy to buy as a top up.
The Raast QR merchants 1.7 million JazzCash network shows how far the payment side has spread. The merchant network expanded sharply, with active merchants reaching 957,100, against 431,300 a year earlier, a rise of 121.9 percent. The overall merchant base approached two million by September 2026. Payments and transaction revenue rose 67.8 percent to Rs9.73 billion, while credit related revenue rose 60.3 percent to Rs26.1 billion, and investment income grew 62.6 percent to Rs5.24 billion. The wallet is now a shop till as much as a bank account.
The quality of the lending is holding up, at least for now. The banking loan portfolio non performing loan ratio improved to 8.1 percent from 10.4 percent a year earlier, while nano loan recoveries rose to 93.2 percent from 91.5 percent. Loan loss provisions still rose 33.2 percent to Rs11.2 billion, which shows that the group is setting money aside against future defaults. Operating profit before loan loss provisions rose 88.3 percent to Rs20 billion, and earnings before interest, tax, depreciation and amortisation surged 137.2 percent to Rs13.84 billion.
The nine month picture is even stronger. For the first nine months of 2026, revenue rose 58.4 percent to Rs116.2 billion, while net profit surged 505.5 percent to Rs13.3 billion. VEON also strengthened its telecom base in the same period, with JazzWorld securing the largest allocation of 190 MHz spectrum in the auction held on March 10, 2026, for about 240 million dollars. The group also entered two interest rate swap agreements with United Bank to hedge Rs75 billion of floating rate loans. JazzCash has also crossed 62 million registered customers, and it was named among the world’s top fintech companies of 2026 by CNBC and Statista in the payments category.
Readers should note that these are VEON reported figures for its Pakistan financial services business, and the growth rates are year on year comparisons. The business has also been used to channel public money, with more than Rs90 billion disbursed to government and development beneficiaries this year, including 1.48 million women under the Benazir Income Support Programme who now receive payments straight into a JazzCash wallet. The question for the next quarters is whether the lending can keep growing this fast without the bad loans rising with it. For now, the wallet that started as a way to send money has become one of the biggest financial businesses in the country.
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