A farmer in Kazakhstan, a small business owner in Kyiv, a family in Karachi. Those are the people VEON chief executive Kaan Terzioglu named when he announced a new collaboration with Mastercard on July 2, 2026. Each, he said, “could benefit from financial tools that were previously out of reach.”
The two companies will work across Ukraine, Kazakhstan, Pakistan and Uzbekistan. VEON brings its local digital platforms, its customer base and its data capabilities. Mastercard brings a global payments network and financial services know-how. Think of it like a phone company lending its front door to a bank: customers already walk through it every day.
What they plan to build
The list of intended products is specific. It includes AI-powered credit scoring, embedded finance and digital wallets, all subject to regulatory requirements. Merchant services, loyalty programs and remittances are also on it, aimed at consumers, small businesses and larger enterprises.
Note the wording, though. The companies say they “intend to explore” these services. Nothing is launched yet.
The first step is pilots in Ukraine and Kazakhstan, with possible expansion into VEON’s other markets. Through Mastercard’s network, the two also plan to look at reaching people in countries where VEON has no operations.
The problem they are aiming at
Millions of people and businesses remain underserved by traditional financial institutions, the companies said. Limited credit history, cash-heavy economies, patchy payment infrastructure and distance from bank branches all get in the way. The GSMA counts more than 2 billion registered mobile money accounts worldwide, which shows how far phone-based finance has already spread.
“Mobile connectivity is increasingly becoming the gateway to the digital economy,” said Mete Guney, Mastercard’s executive vice president for market development in EEMEA. He said the tie-up reflects a shared commitment to “digital financial inclusion.”
VEON describes itself as a digital operator serving more than 150 million users, with over 228 million digital users across its platforms, in five countries that hold more than 6 percent of the world’s population.
The two companies have worked together before. In February 2021 they announced a global partnership covering VEON’s operations in Russia, Pakistan, Ukraine, Kazakhstan and Bangladesh. That deal built on a May 2020 arrangement in which Mastercard partnered with Mobilink Microfinance Bank, VEON’s financial services provider in Pakistan.
Sources
- VEON and Mastercard Join Forces to Accelerate Accessibility of Financial Services
- VEON and Mastercard enter into global partnership to boost digital financial services
