A transformative shift in Pakistan’s financial landscape was marked by the grand launch of ABHI Microfinance Bank at Mohatta Palace, Karachi.
The event, hosted by ABHI and TPL Corp Limited, celebrated the successful completion of a strategic collaboration approved by the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan (CCP). This partnership, focused on enhancing financial inclusion, is set to revolutionize microfinance in the country and empower millions of underserved individuals and businesses.
The ABHI Microfinance Bank marks a significant achievement for ABHI, the fintech company that has already made waves in the UAE, Saudi Arabia, and Bangladesh through its Earned Wage Access (EWA) and other credit-bridging services. Founded in 2021, ABHI has expanded its mission to Pakistan’s financial ecosystem, aiming to address gaps in financial access, particularly for the underserved and unbanked populations.
This collaboration brings together ABHI, TPL Corp Limited, and FINCA Microfinance Bank, to launch an innovative microfinance bank that aims to expand credit access, foster financial wellness, and drive sustainable economic opportunities for millions of Pakistanis.
The event at Mohatta Palace was attended by prominent dignitaries, including Jameel Ahmed, Governor of the State Bank of Pakistan, and Omair Ansari, Co-Founder & CEO of ABHI. The launch highlighted the critical importance of partnerships like this in redefining the country’s financial ecosystem.
Jameel Ahmed, in his address, emphasized the significance of this initiative: “This acquisition marks a significant step toward strengthening Pakistan’s financial ecosystem and expanding access to credit for unserved and underserved communities. Collaborations like these play a vital role in driving financial inclusion and empowering individuals and businesses across the country.”
The event also showcased the unveiling of the ABHI Microfinance Bank logo, symbolizing a new era in financial empowerment. The initiative aligns with Pakistan’s broader goals to increase financial inclusion, with the SBP aiming to increase bank account coverage to 75% of the adult population by 2028 and reduce the gender gap in access to financial services.
Key Features of ABHI Microfinance Bank
ABHI’s entry into microfinance banking is powered by advanced technology and innovative solutions that target financial access and inclusion. With a particular focus on underserved populations, ABHI is leveraging its fintech expertise to create tailored solutions, including:
- Gold-backed loans
- Salary advances
- Savings accounts
- Bill payments
One of the standout innovations will be an AI-powered credit scoring system, designed to offer more accessible financial products by evaluating creditworthiness using digital footprints, such as mobile data and financial behavior.
ABHI’s journey from Fintech to Banking Giant
Since its inception, ABHI has been at the forefront of addressing the financial needs of the underserved. The company’s signature Earned Wage Access (EWA) product empowered employees to access their wages in real-time, eliminating the need for predatory lending. In recent years, ABHI expanded its offerings to include comprehensive payroll services and SME financing, aiming to tackle the broader economic challenges faced by individuals and small businesses in Pakistan.
The partnership with TPL Corp Limited and the acquisition of FINCA Microfinance Bank are pivotal in ABHI’s journey to redefine the microfinance sector.
Four years ago, Abhi founders, Omair Ansari and Ali Ladhubhai, envisioned a Pakistan where financial access wasn’t a privilege but a right. This vision led to the birth of ABHI, and now the launch of ABHI Microfinance Bank, which aims to take a giant leap toward transforming the financial wellness of millions of Pakistanis.
The launch of ABHI Microfinance Bank comes at a critical time for Pakistan, as the country works toward economic recovery under a $7 billion IMF program. With around 64% of the adult population unbanked, initiatives like this aim to increase financial inclusion and digital financial literacy across the nation. ABHI Microfinance Bank is set to be a key player in the SBP’s efforts to expand banking services to underserved communities and enhance Pakistan’s economic recovery.
The launch of ABHI Microfinance Bank is not just the beginning of a financial revolution but a powerful statement of intent for Pakistan’s economic growth. By addressing the barriers to financial inclusion, ABHI and its partners are helping Pakistan overcome its financial challenges and creating opportunities for millions of people to access the tools they need to thrive in the modern economy.
With a strong commitment to empowering women entrepreneurs and fostering financial education, ABHI is poised to play a crucial role in the country’s economic transformation, helping to bridge gaps in access to capital, savings, and financial education.