v3.26.1
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
 12 Months Ended
Dec. 31, 2025
Selling, general and administrative expense [abstract]  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses consisted of the following items for the years ended December 31:
202520242023
Network and IT costs574559 506 
Personnel costs *481437 416 
Customer associated costs529 471 386 
Losses on receivables2620 14 
Taxes, other than income taxes5968 74 
Consultancy and other professional services91100 94 
Other123144 156 
Total selling, general and administrative expenses1,8831,799 1,646 
*Personnel costs are primarily comprised of salaries, benefits, and bonuses including the Company’s share-based payment plans recognized in accordance with IFRS 2, Share based payments. For further discussion on Share-based payments, refer to Note 5—Share-based payments of these consolidated financial statements.
During the year ended December 31, 2025, our banking operations in Pakistan recorded a provision/write-off of US$11 (2024: US$19) related to customer mark-up and flood affected portfolio receivables (excluding gold) included within customer associated costs as a result of the recoverability reassessment and underlying assumptions with respect to these portfolios.
LEASES
Short-term leases and leases for low value items are immediately expensed as incurred.
ACCOUNTING POLICIES
Customer associated costs
Customer associated costs relate primarily to commissions paid to third-party dealers and marketing expenses. Certain dealer commissions are initially capitalized within ‘Other Assets’ in the consolidated statement of financial position and subsequently amortized within "Customer associated costs". Refer to Note 3—Revenue of these consolidated financial statements for further details.