Finja, a leading fintech in Pakistan, announced what it called “frustration regarding the failure of Opay International PTE. LTD. to clear outstanding payments” following the sale of the EMI licence to the latter, effective October 2, 2023.
“Finja specializes in providing AI/ML-backed accessible financing exclusively to underserved SMEs,” it said in a press release.
“Finja has facilitated over Rs12 billion in financing, benefiting over 28,000 SMEs across 35 cities, 10% of it being through Finja Invest, the country’s only Peer-to-peer financing platform.
“Unfortunately, Opay’s failure to pay has had severe consequences, not only forcing Finja to temporarily slow down operations and reduce staff but also stifling Finja’s exemplary financing practices which have proven to be a national-interest success story through solely targeting the SME market and staying clear from all categories of consumer lending including predatory micro/nano lending,” it added in its statement.
“In light of OPay’s continuous mistreatment of Finja, formal letters have been sent to the State Bank of Pakistan (SBP) and Securities Exchange Commission of Pakistan (SECP), urging their continued support in facilitating a fair resolution.”
Finja said it was willing to prove its claims, also assuring its clients that investments remain “secure”.
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