With the recent advancements in the Fintech industry throughout the world, payment methods have evolved to a great degree. So have the payment methods in Pakistan (See also Nayapay received in-principle approval from SBP for EMI). Recently, a number of Fintech companies have emerged forward to initiate their digital payment services for Pakistan’s business sector. Among the current emerging Fintech companies, Finja has been at the forefront since the word go. Earlier today, Finja received an in-principle approval from the State Bank of Pakistan to initiate its services as an electronic money institution (EMI).
SimSim Mobile Wallet, being Finja’s premium application in payment services, is the company’s greatest contribution to Pakistan’s business sector. The application regulates its services in collaboration with Finca Microfinance Bank.
Mr. Qasif Shahid, Co-Founder, and CEO of Finja shared his views regarding the approval from SBP.
This in-principle approval will enable Finja to increase the speed of service delivery and accelerate scale to digitize Pakistan’s workforce and business transactions
This EMI license will serve as the initial aggressive push towards success for the company. The approval from the State Bank of Pakistan will further allow the company to develop a refreshing set of partnerships and connections with different banks and partners. According to the company, this will help them in reshaping the financial services landscape of the country.
Finja has emphasized and successfully centered their focus on salaried individuals and businesses who have partnered with them. Statistically, Finja has well over half a million mobile app wallets throughout the country. As far as their services are concerned, they have:
- Digitized payroll disbursement,
- Payment collections,
- Instant loans.
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