SECP GRANTS NBFC LICENSE TO FINJA

The Securities and Exchange Commission of Pakistan (SECP) recently granted Finja, the groundbreaking Pakistani fin-tech, with the Non-Banking Finance Corporation (NBFC) license. This has enabled Finja to introduce a new entity "Finja Lending Services" (FLS) with a focus to provide digital credit to Micro Small and Medium Enterprises (MSMEs) and the people that they employee.

So far, the company has digitally processed loans close to half a billion rupees to MSMEs and their employees, using Finja's proprietary machine learning and artificial intelligence led algorithms and analytics. These loans are disbursed and collected digitally, eliminating cash-heavy, time and cost intensive processes.

Kamran Zuberi, CEO FLS, remarked, "Finja stands at a unique position in the value chain to collaborate with merchants, banks and financial institutions to offer customized solutions, leading the economy towards digitization."

Umer Munawar, COO and Co-Founder Finja added, "Our mission is to become a platform for equitable lending to the key drivers of our economy; the salaried individuals and MSME's."

Through the Finja platform all actors in the ecosystem are able to interact digitally at no incremental cost.

The company is backed by leading global venture capital funds including Swedish Vostok Emerging Finance, BeeNext a Japanese VC firm, and Quona Capital from United States of America.