VEON says it has more than 150 million users. Mastercard operates in over 200 countries and territories. On July 2 the two announced they will work together on financial services in four countries where, in their words, millions of people and businesses are still underserved by banks.
The four are Ukraine, Kazakhstan, Pakistan and Uzbekistan. VEON, which is listed on Nasdaq, announced the tie-up in Dubai. Its local digital platforms and data tools will be paired with Mastercard’s payments network. The stated aim is financial products that are more relevant, affordable and accessible.
The barriers are listed in the release. People lack a credit history. Economies run on cash. Payment systems are fragmented, and a bank may simply be far away. Terzioglu, VEON’s chief executive, said the work is about people at the end of that chain: a farmer in Kazakhstan, a small business owner in Kyiv, a family in Karachi.
Pilots first
The collaboration is expected to begin with pilots in Ukraine and Kazakhstan. FinTech Magazine described the pilots as a controlled setting for testing products, with successful models then scaled to the wider footprint, including Pakistan and Uzbekistan.
The companies said they intend to explore AI-powered credit scoring, embedded finance and digital wallets. Merchant services, loyalty programmes and remittances are also planned for consumers, small businesses and enterprises. All of it depends on regulatory requirements. Neither company gave financial terms or a rollout schedule.
The release also notes that the GSMA counts more than 2 billion registered mobile money accounts across the world, a sign of how far mobile-based finance has already spread in emerging markets.
What each side said
Terzioglu told FinTech Magazine that “the next generation of financial services will be shaped by the convergence of AI, connectivity and trusted digital payments.” VEON has long been a connectivity provider, the magazine noted, and is now recasting that role as a route to economic participation.
Mete Guney, Mastercard’s executive vice president for market development in EEMEA, described the project as “our shared commitment to advancing digital financial inclusion and creating pathways to greater economic participation across the region.”
Mastercard’s network could also let the pair look at markets where VEON has no presence today.
Sources
- VEON and Mastercard Join Forces to Accelerate Accessibility of Financial Services
- VEON and Mastercard Collaborate to Expand Inclusive Digital Financial Services Across Key Emerging Markets | VEON Stock News
- VEON Expands its Digital Finance Strategy with Mastercard
