Karachi November 14 2023: The Board of Directors of TPL Corp Limited (TPL) has accorded its approval to TPL to jointly explore the potential acquisition of a majority shareholding in FINCA Microfinance Bank Limited along with Abhi (private) Limited.
ln this regard the Company has entered into a Non-Binding Term Sheet along with Abhi.
The Proposed Transaction shall remain subject to the approval of the State Bank of Pakistan to commence the due diligence, the outcome of the due diligence process, obtaining requisite internal and regulatory approvals and entering into definitive documentation.
ABHI is a fintech company that financially empowers businesses and employees, providing Earned Wage Access, Invoice Factoring and Payroll Solutions for the first time in Pakistan.
FINCA Pakistan traces its roots back to 2008 when it started its journey as Kashf Microfinance Bank. The Bank became a part of FINCA Impact Finance (FIF) network in 2013. FIF is an international network of 16 microfinance banks serving 2.8 million people that share information, resources, and best practices related financial inclusion. For close to 40 years, FIF’s microfinance banks and institutions have delivered a double bottom line of social impact and financial sustainability.
Currently FINCA Pakistan is providing responsible financial services, such as small loans and savings accounts to millions of clients, through a branch network of 125+ branches across 120+ cities in Pakistan. Over the years, FINCA’s portfolio has grown consistently and has become one of the leading microfinance bank of Pakistan. FINCA has been able to provide a number of loans successfully to help micro-entrepreneurs to become financially stable.
Furthermore, in order to develop digital solutions for deeper financial inclusion, FINCA also introduced FINCA Pay in 2017, a first truly telco agnostic digital wallet in Pakistan and is revolutionizing conventional banking into a wholesome digital banking platform. Leveraging on technology, FINCA has marked a milestone under the vision, FINCA 2.0, digitizing the entire business by re-inventing from end to end. This transformation allows anyone to open a bank account in one minute from their smartphones, regardless of one’s geographical location. Since its launch, FINCA Pay App has attracted more than 800,000 users to its platform.