Karachi, November 12, 2024 – In a significant development for Pakistan’s financial sector, Abhi Private Limited and TPL Corp Limited have received approval from the State Bank of Pakistan (SBP) to jointly acquire FINCA Microfinance Bank Limited.
This strategic acquisition is expected to advance financial inclusion across Pakistan by merging FINCA’s established microfinance network with Abhi’s digital innovations and TPL Corp’s extensive experience in retail, insurance, and technology.
The Abhi-TPL alliance is set to redefine the financial landscape, combining their unique strengths to deliver a broader spectrum of financial products and services to underserved populations, including rural communities, small businesses, and low-income individuals. By harnessing FINCA’s microfinance expertise, TPL’s established presence, and Abhi’s digital solutions, the collaboration aims to support Pakistan’s efforts in extending financial access to millions of unbanked citizens.
For over a decade, FINCA Pakistan has empowered families across the nation through its lending, savings, and financial education initiatives. Known for its customer-first approach, FINCA Pakistan has been a pioneer in the microfinance industry, introducing the country’s first mobile network-agnostic digital wallet and establishing a presence in more than 100 cities. The institution has been instrumental in fostering economic independence, particularly for women entrepreneurs.
The newly formed entity will expand FINCA’s existing offerings, introducing a wide array of digital and traditional financial products to meet the needs of both individuals and small enterprises. This innovation-driven approach aligns with Pakistan’s ongoing push toward economic inclusion, providing essential tools for growth to a more extensive audience.
“At Abhi, our mission has always been to make financial solutions accessible to everyone,” said Omair Ansari, CEO and Co-founder of Abhi. “This collaboration with TPL brings us closer to delivering impactful, life-changing financial services to millions of Pakistanis who have had limited access to formal banking.”
The acquisition reflects TPL Corp’s commitment to leading the digital transformation in Pakistan’s financial services sector. By leveraging TPL’s diverse portfolio and FINCA’s market expertise, the collaboration will introduce customer-centric solutions designed to meet the unique needs of underserved communities across the country.
Current FINCA Microfinance Bank customers can expect a smooth transition, gaining access to an expanded suite of services soon. Abhi’s digital-first platform will enhance accessibility, bridging the gap between traditional microfinance and digital banking.
“FINCA Pakistan has built a robust microfinance network, creating economic opportunities, especially for women,” said Jeff Smith, Chair of FINCA Pakistan’s Board of Directors. “We are confident that with Abhi and TPL’s shared vision, this acquisition will bring new capital and digital capabilities to accelerate financial inclusion.”
In the coming months, the joint entity will unveil tailored financial solutions to further empower Pakistan’s underserved communities, advancing the nation’s economic growth and commitment to financial inclusion.
