In a strategic move, effective October 2, 2023, Finja formally transferred Electronic
Money Institution (EMI) operations to Opay International PTE. LTD. This move comes
as Finja aims to focus efforts on enhancing its core products and services in
Pakistan’s nascent digital lending and investment landscape.
Finja’s trailblazing journey as a leading Non-Banking Financial Company (NBFC)
recently resulted in winning and currently operating the country’s first and only Peer-
to-peer lending platform, Finja Invest, a recognition awarded by the Securities and
Exchange Commission of Pakistan (SECP). This achievement solidified Finja’s position
as a key player in the lending sector. Now, Finja has the capability to attract
investments from both individuals and institutions, directing these funds into
carefully curated SME lending programs that promise returns higher than T-bills and
term deposits offered by incumbent banks.
Finja has been operating as a digital NBFC since 2019 and, to date, has facilitated
over Rs. 11 Billion in financing through 200,000+ loans disbursed to over 25,000 SMEs
across 35 cities.
The digital lending fintech, through its strategic partnerships with FMCG principals,
distributors, Agritech platforms, logistics companies, etc., has managed to cultivate a
robust supply chain-led financing ecosystem that now benefits thousands of
businesses across multiple supply chains in the country.
Finja’s innovative approach revolves around purpose-built, short-term credit
services for businesses, scored through its proprietary AI/ML algorithms, in alignment
with Islamic principles.
With the introduction of EMI 2.0 and Banking as a Service (BaaS) solutions offered by
multiple banks, Finja recognizes the opportunity to access these services without
operating the EMI itself, which was previously required for digital disbursements and
credit repayment collections.
Finja CEO and Co-founder Qasif Shahid stated “Creating working capital for MSMEs in
Pakistan is a hard 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 stated that Opay is well-positioned to grow the
payments business in the country, and we wish them the best of luck as they embark
on this new exciting journey.