The trail blazing Pakistani fintech behind the popular SimSim mobile wallet, had received an in-principle approval from the State Bank of Pakistan for an Electronic Money Institution (EMI).
The EMI license will allow Finja to aggressively expand its operations by forging a fresh set of partnerships and interconnects with select banks and ecosystem partners in the rapidly evolving digital financial services landscape of the country.
The EMI license will allow Finja to aggressively expand its operations by establishing a new partnership and coordination with selected banks and ecosystem partners in the country’s fastest-growing digital financial services scene.
Co-Founder and CEO of Finja Qasif Shahid said, “This in-principle approval will enable Finja to increase speed of service delivery and accelerate scale to digitize Pakistan’s workforce and business transactions.”
Finja, launched in partnership with Finca Microfinance Bank, has a special focus on salaried individuals and businesses that employ them.
In a short span of time the company has digitised payroll disbursement, payment collections and instant loans for thousands of organizations and their employees. The company has well over half a million mobile app led wallets with the highest average balance in the industry.
Finja is backed by leading global venture capital funds including Vostok Emerging Finance, BeeNext and Quona Capital.
