VEON and Mastercard expand digital financial services access

VEON and Mastercard have partnered to expand access to digital financial services across Ukraine, Kazakhstan, Pakistan and Uzbekistan, combining mobile connectivity, payments technology and data-driven capabilities to support financial inclusion.

Kaan Terzioglu, Chief Executive Officer of VEON Group, said: “At VEON, we believe access to financial services is a foundation for a better life. 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 has brought together VEON’s local digital platforms and customer reach with Mastercard’s global payments network and financial services expertise. The companies plan to explore solutions including AI-powered credit scoring, embedded finance and digital wallets, subject to regulatory requirements.

Mete Guney, Executive Vice President, Market Development, EEMEA at Mastercard, said: “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.”

The partnership is aimed at addressing barriers that limit access to traditional financial services, including limited credit histories, cash-based economies and fragmented payment infrastructure. VEON and Mastercard said the initiative will focus on developing accessible financial products for consumers, small businesses and enterprises across VEON’s markets.

The companies will also explore services such as merchant solutions, loyalty programmes and remittance offerings. Initial pilots are expected to begin in Ukraine and Kazakhstan, with potential expansion into other VEON markets.

The collaboration has reflected the growing role of mobile-enabled financial services in emerging markets, where digital platforms are increasingly being used to extend access beyond traditional banking channels.