VEON: Redefining the Telco Business with Digital Finance

VEON believes that mobile networks can do more than connect calls and data.

The digital operator has partnered with Mastercard to make financial services more accessible. 

The agreement combines VEON's local digital platforms, extensive customer reach and data capabilities with Mastercard's global payments network and financial technology expertise.

Together, the companies aim to accelerate the rollout of AI-powered financial services across Ukraine, Kazakhstan, Pakistan and Uzbekistan, where access to traditional banking is limited for many consumers and businesses.

From connectivity to digital ecosystems

VEON, which serves hundreds of millions of customers across its markets, has steadily broadened its portfolio beyond mobile connectivity.

Alongside communications services, the company has developed local digital platforms that now support everything from entertainment to financial services.

Its agreement with Mastercard builds on that strategy by introducing AI-powered credit scoring, digital wallets, embedded finance, merchant services, remittances and loyalty programmes.

The focus is on markets where financial inclusion is a challenge. Cash-based economies and limited access to formal credit continue to leave millions of consumers and small businesses underserved.

Mobile networks provide a direct route to customers who may have limited access to traditional financial institutions, making connectivity a platform for wider digital participation.

"At VEON, we believe access to financial services is a foundation for a better life," says Kaan Terzioglu, CEO of VEON Group. "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.

“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.”

Kaan also exclusively tells Telco Magazine: “The next generation of financial services will be shaped by the convergence of AI, connectivity and trusted digital payments.

“By bringing together Mastercard's global expertise and VEON's digital ecosystems, we have an opportunity to develop smarter, more personalised financial solutions that respond to the needs of our customers in real time.

“This collaboration enables us to innovate faster, unlock new opportunities for consumers and businesses and further strengthen the role of our platforms in driving digital transformation across our markets.”

Using mobile networks to expand financial access

According to the GSMA, there are now more than two billion registered mobile money accounts globally, underlining how mobile connectivity has become a gateway to financial inclusion in many emerging markets.

VEON and Mastercard plan to combine AI-driven analytics with secure payments infrastructure to reduce friction in financial access while improving the affordability and relevance of digital financial products.

The initiative will begin with pilot programmes in Ukraine and Kazakhstan, allowing the partners to test new services before potentially rolling them out across Pakistan and Uzbekistan.

The collaboration could also create opportunities beyond VEON's existing footprint through Mastercard's global network.

“Mobile connectivity is increasingly becoming the gateway to the digital economy,” says Mete Guney, Executive Vice President of Market Development for EEMEA at Mastercard.

“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.”