In the latest press release of Finja, the groundbreaking Pakistani Fintech, announced that the Securities and Exchange Commission of Pakistan (SECP) has granted the company with the Non-Banking Finance Corporation (NBFC) license.
Finja is now empowered to introduce a new entity “Finja Lending Services” (FLS) with an aim to provide digital credit to Micro Small and Medium Enterprises (MSMEs).
As of now, the company has digitally processed loans close to half a billion rupees to MSMEs, 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, commented, “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 CoFounder 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.”
The company is backed by worldwide investment reserves, including Swedish Vostok Emerging Finance, BeeNext a Japanese VC firm, and Quona Capital from United States of America.