Finja voices 'frustration' over Opay's failure to clear payments post EMI sale

Finja, a leading fintech company in Pakistan, expressed its frustration regarding the failure of Opay International PTE. LTD. to clear outstanding payments following the sale of the EMI licence to the latter, effective October 2, 2023.

Unfortunately, Opay’s failure to pay has had severe consequences, not only forcing Finja to temporarily slow down operations and reduce staff but also stifling its exemplary financing practices which have proven to be a national-interest success story through solely targeting the SME market and staying clear from all categories of consumer lending including predatory micro/nano lending, Finja said in a press release.

It added that in light of OPay’s continuous mistreatment of Finja, formal letters have been sent to the State Bank of Pakistan (SBP) and Securities Exchange Commission of Pakistan (SECP), urging their continued support in facilitating a fair resolution.

Finja said it was willing to prove its claims, also assuring its clients that investments remain secure.

Finja specialises in providing AI/ML-backed accessible financing exclusively to underserved SMEs.

The fintech company said that it has facilitated over Rs 12 billion in financing, benefiting over 28,000 SMEs across 35 cities, 10% of it being through Finja Invest, the country’s only Peer-to-peer financing platform.

It is better to recall that Finja had transferred its Electronic Money Institution (EMI) operations to Opay International PTE. LTD in October 2023. The move was aimed to focus efforts on enhancing its core products and services in Pakistan’s digital lending and investment landscape.