Finja - a prominent player in Pakistan's fintech landscape - raised serious concerns over the failure of Opay International PTE. LTD. to fulfill outstanding payments after the sale of the EMI license, effective October 2, 2023.
In a press release issued on Tuesday, Finja expressed frustration over Opay's inability to clear dues following the acquisition of the EMI license. The company, known for its innovative AI/ML-based financing solutions tailored for underserved SMEs, emphasised the significance of this transaction, which was anticipated to bolster financial inclusion and empower small businesses across the nation.
Finja's press release highlighted its substantial contributions to the SME sector, with over Rs12 billion facilitated in financing, benefiting more than 28,000 SMEs across 35 cities.
The company underscored the importance of its financing initiatives, particularly through Finja Invest, Pakistan's sole Peer-to-peer financing platform, which has garnered significant traction in the market.
However, the failure of Opay to honor its financial obligations has led to adverse consequences for Finja, necessitating temporary operational slowdowns and workforce reductions.
This setback not only impacts Finja's operational efficiency but also undermines its commitment to providing ethical and sustainable financing solutions, avoiding any involvement in predatory lending practices.
"In light of Opay's persistent disregard for its financial commitments, formal complaints have been lodged with the State Bank of Pakistan (SBP) and the Securities Exchange Commission of Pakistan (SECP), seeking their intervention to ensure a fair and expeditious resolution," stated Finja in its communication.
Furthermore, Finja reiterated its willingness to substantiate its claims and reassured its clients that their investments remain secure amidst these challenging circumstances.
