VEON and Mastercard are collaborating to accelerate the development of inclusive, intelligent and accessible financial services across Ukraine, Kazakhstan, Pakistan and Uzbekistan.
The partnership brings together VEON’s local digital platforms, customer reach and emerging VEON Digital Finance strategy with Mastercard’s global payments network, technology and financial services expertise. The two companies intend to explore a new generation of financial services, including AI-powered credit scoring, embedded finance and digital wallets, subject to regulatory requirements. The solutions will also cover merchant services, loyalty and remittances for consumers, small businesses and enterprises across VEON’s markets.
Millions of people and businesses across these countries remain underserved by traditional financial institutions. Limited credit history, cash-heavy economies, fragmented payment infrastructure and distance from formal banking channels continue to restrict access. VEON and Mastercard aim to address these barriers by combining local distribution, AI-enabled analytics and secure global payment technologies.
According to the GSMA, there are now more than 2 billion registered mobile money accounts globally, underscoring the growing role of mobile-enabled financial services in emerging markets.
“At VEON, we believe access to financial services is a foundation for a better life. This means a farmer in Kazakhstan, a small business owner in Kyiv or a family in Karachi could benefit from financial tools that were previously out of reach,” said Kaan Terzioglu, Chief Executive Officer of VEON Group. “Our local presence and sovereign platforms, combined with Mastercard’s global capabilities, help turn connectivity into greater economic opportunity for the people and communities we serve.”
The collaboration is expected to begin with pilots in Ukraine and Kazakhstan, with potential expansion across VEON’s other markets. Through Mastercard’s global network, the companies also intend to explore opportunities in markets where VEON does not yet operate.
“Mobile connectivity is increasingly becoming the gateway to the digital economy. By combining VEON’s extensive customer reach and digital platforms with Mastercard’s global payments expertise, we have the opportunity to make financial services more accessible, secure and relevant for consumers and small businesses. This collaboration reflects our shared commitment to advancing digital financial inclusion and creating pathways to greater economic participation across the region,” said Mete Guney, Executive Vice President, Market Development, EEMEA at Mastercard.
VEON, listed on Nasdaq, provides connectivity and digital services to over 150 million users, with more than 228 million digital users across its platforms in five countries. Mastercard operates in more than 200 countries and territories worldwide.