In a strategic move effective from October 2, 2023, Finja has formally transferred its Electronic Money Institution (EMI) operations to Opay International PTE. LTD. This decision aligns with Finja’s commitment to intensify efforts in enhancing core products and services within Pakistan’s emerging digital lending and investment landscape.
Finja, a pioneering Non-Banking Financial Company (NBFC), recently secured and operates the country’s first Peer-to-peer lending platform, Finja Invest, a recognition bestowed by the Securities and Exchange Commission of Pakistan (SECP). This accolade solidifies Finja’s pivotal role in the lending sector, enabling the attraction of investments from both individuals and institutions. These funds are then directed into meticulously curated SME lending programs promising returns surpassing those of T-bills and term deposits offered by conventional banks.
Operating as a digital NBFC since 2019, Finja has facilitated over Rs.11 Billion in financing through 200,000+ loans disbursed to over 25,000 SMEs across 35 cities.
The fintech firm, through strategic partnerships with FMCG principals, distributors, Agritech platforms, logistics companies, among others, has successfully cultivated a robust supply chain-led financing ecosystem, benefiting thousands of businesses across various supply chains in the country.
Finja’s innovative approach revolves around purpose-built, short-term credit services for businesses, scored through proprietary AI/ML algorithms, in alignment with Islamic principles.
With the introduction of EMI 2.0 and Banking as a Service (BaaS) solutions by multiple banks, Finja recognizes the opportunity to access these services without the need to operate the EMI itself, previously necessary for digital disbursements and credit repayment collections.
Finja’s CEO and Co-founder, Qasif Shahid, stated, “Creating working capital for MSMEs in Pakistan is a challenging problem to solve, and Finja has established a leadership position in this area, which we now aim to capitalize on and scale quickly. The decision to offload the EMI license is part of this strategy to focus exclusively on digital lending to SMEs in Pakistan.” He further expressed confidence in Opay’s ability to grow the payments business in the country, wishing them success on this new exciting journey.