JazzCash is a Leading Mobile Wallet with 54% Market Share (October 2023)
Karachi: JazzCash and Fatima Gobi Ventures (FGV) have entered into a strategic partnership aimed at significantly boosting the growth of startups and emerging businesses in Pakistan. JazzCash, formerly known as MobiCash and currently holding a 54% market share as of October 2023, is a prominent player in mobile wallets, mobile payments, and branchless banking services.
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According to JazzCash, Fatima Gobi Ventures (FGV) is a collaboration between the Fatima Group and Asia-focused VC firm Gobi Partners. It brings together Fatima Group’s extensive local knowledge of Pakistan’s entrepreneurial landscape and Gobi Partners’ 21 years of experience in fostering sustainable and community-focused companies across Asia. Gobi Partners and FGV have collectively invested in over 400 companies, including nine unicorns.
Jazz has nationwide network of 230,000 agents
The partnership will enable JazzCash to integrate FGV’s existing and future portfolio companies into its platform, which currently serves over 44 million users, 300,000 merchants, and 900 businesses, supported by a nationwide network of 230,000 agents. This integration will offer FGV’s portfolio companies access to JazzCash’s extensive network, opening avenues for collaboration and expansion.
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Aamir Aftab, Chief Product Officer at JazzCash, emphasized the company’s commitment to entrepreneurship and innovation. He expressed that the partnership with Fatima Gobi Ventures is in line with JazzCash’s dedication to supporting startups by providing them with essential tools, resources, and networking opportunities. This initiative aims to create a dynamic ecosystem benefiting businesses, consumers, and the economy at large.
Jamaludin Bujang, General Partner at FGV, remarked on the significance of this partnership in advancing digital innovation in Pakistan. The collaboration with JazzCash is expected to elevate the startup ecosystem and support emerging ventures in their growth trajectories.
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In the initial phase of this partnership, JazzCash will focus on travel tech, e-commerce, and fintech by integrating FGV’s investee companies such as Abhi, PriceOye, and SastaTicket into its platform. Each of these companies holds a strong market presence in their respective sectors.
This collaboration between JazzCash and FGV is not only poised to offer a substantial boost to promising startups but is also expected to have a positive impact on the broader financial technology sector in Pakistan. It stands as a testament to the power of strategic partnerships in driving innovation and growth in the business sector.