Pakistan’s largest telecommunication company, Jazz, is on an experimental spree to overhaul its business model. The Cellular Mobile Operator (CMO) is focusing on the 4G multiplay, meaning the operator doesn’t only want to remain a pipeline, but also evolve as a destination for its customers. Its focus is to encourage users to spend more time on the network by using its digital apps thus, generating incremental revenue.
The CEO of Jazz, Aamir Ibrahim, while on a panel discussion arranged by Tabadlab last year, stated, “Jazz was a telecom company. Today we are a tech company; in the future, we’ll be a data company.’
But, what Jazz can be before that is a bank, a digital bank.
The digital financial services (DFS) wing of the company that operates under the brand name of JazzCash has been a successful venture. Considering that this was not Jazz’s forte, the success on the financial services front becomes even more commendable.
However, the company seems to be in a rush when it comes to DFS. It has set its sight on massive growth targets built on ambitious lending plans backed by growth in mobile wallet users.
Yet, the journey is likely to be risky, with chances of regulatory, structural and internal deficiencies creating stumbling blocks along the way.
In this article, we will try to explore where the telco’s financial services product currently stands, what is the journey ahead, and the myriad challenges they are likely to face.
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