KARACHI: Pakistani fintech ABHI, which expanded its operations to the United Arab of Emirates (UAE) and Kingdom of Saudi Arabia, has launched ABHI Microfinance Bank in collaboration with TPL Corp, the company said on Thursday.
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, Saudi Arabia and Bangladesh through its credit-bridging products such as the Earned Wage Access (EWA) facility.
TPL Corp. is the investment holding company of the TPL Group with investments across the insurance, real estate, transport, securities, technology and financial sectors
ABHI said its strategic collaboration, approved by the Pakistani central bank, was a major step toward redefining financial inclusion in the South Asian country.
“This acquisition marks a significant step toward strengthening Pakistan’s financial ecosystem and expanding access to credit for unserved and underserved communities,” the fintech firm quoted State Bank of Pakistan Governor Jameel Ahmed as saying at the launch of ABHI Microfinance Bank.
“Collaborations like these play a vital role in driving financial inclusion and empowering individuals and businesses across the country.”
The event, hosted by ABHI and TPL Corp. in Karachi, brought together international investors, industry leaders, financial experts and key stakeholders, serving as a platform to highlight the collective vision of the three entities in transforming Pakistan’s financial landscape.
The development comes as Pakistan seeks to increase financial inclusion and document its economy as the South Asian country treads a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) program.
SBP Governor Ahmad this week said the central bank has set a target to increase bank account coverage in the country to 75 percent of the adult population and to reduce the gender gap to 25 percent by 2028.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64 percent of its adult population having a bank account, according to central bank figures.
The central bank chief also urged the banking industry to increase their usage of artificial intelligence, based on cellular and satellite data, to provide cost-effective alternative delivery channels to enhance access, usage and quality of financial services.
Pakistani fintech ABHI, after Middle East expansion, launches microfinance bank
https://arab.news/maexv
Pakistani fintech ABHI, after Middle East expansion, launches microfinance bank
- Founded in 2021, ABHI has been serving customers in Pakistan, UAE, Saudi Arabia and Bangladesh through its credit-bridging products
- The fintech firm says its collaboration with TPL Corp. to launch microfinance bank is a major step toward financial inclusion in Pakistan
Cross-border clash breaks out between Pakistan and Afghanistan amid rising tensions
- Border residents say exchange of fire in the Chaman border sector lasted nearly two hours
- Both governments issue competing statements blaming the other for initiating the violence
ISLAMABAD: Pakistan and Afghanistan witnessed yet another border clash, according to officials in both countries who spoke in the early hours of Saturday, with each side accusing the other of launching “unprovoked” attacks.
Fighting erupted in Pakistan’s southwestern Chaman border sector, with an AFP report saying that residents on the Afghan side of the frontier reported the exchange of fire began at around 10:30 p.m. (1800 GMT) and continued for roughly two hours.
The incident underscored how tensions remain high between the neighbors, who have seen deadly clashes in recent months despite several rounds of negotiations mediated by Qatar and Türkiye that resulted in a tenuous truce in October.
“There has been unprovoked firing by Afghan Taliban elements in the Chaman Sector which is a reckless act that undermines border stability and regional peace,” said a Pakistani security official on condition of anonymity.
“Pakistani troops responded with precision, reinforcing that any violation of our territorial integrity will be met with immediate and decisive action,” he continued.
The official described Pakistan’s response as “proportionate and calibrated” that showed “professionalism even in the face of aggression.”
“The Chaman Sector exchange once again highlights the need for Kabul to rein in undisciplined border elements whose actions are destabilizing Afghanistan’s own international standing,” he added.
Relations between Pakistan and Afghanistan have grown increasingly bitter since the Taliban seized power in Kabul following the withdrawal of international forces in August 2021.
Islamabad accuses the Taliban administration of sheltering anti-Pakistan militant groups such as the Baloch Liberation Army (BLA) and Tehreek-e-Taliban Pakistan (TTP), which have carried out deadly attacks in its western provinces bordering Afghanistan, targeting civilians and security forces.
The Taliban deny the charge, saying Pakistan’s internal security challenges are its own responsibility.
The Pakistani security official said his country remained “committed to peaceful coexistence, but peace cannot be one-sided.”
“Attempts to pressure Pakistan through kinetic adventurism have repeatedly failed and will continue to fail,” he said. “The Chaman response has reaffirmed that message unmistakably.”
He added that Pakistan’s security forces were fully vigilant and that responsibility for any escalation “would solely rest with those who initiated unprovoked fire.”
Mosharraf Zaidi, spokesman for Pakistan’s prime minister, also commented on the clashes in a social media post, saying the Afghan Taliban had “resorted to unprovoked firing along the border.”
“An immediate, befitting and intense response has been given by our armed forces,” he wrote.
https://x.com/mosharrafzaidi/status/1997025600775786654?s=46&t=JVxikSd5wyl9Y96OwifS5A
Afghan authorities, however, blamed Pakistan for the hostilities.
“Unfortunately, tonight, the Pakistani side started attacking Afghanistan in Kandahar, Spin Boldak district, and the forces of the Islamic Emirate were forced to respond,” Taliban spokesman Zabihullah Mujahid said on X.
https://x.com/zabehulah_m33/status/1997018198508818891?s=48&t=x28vcP-XUuQ0CWAu-biScA
Border clashes that began in October have killed dozens of people on both sides.
The latest incident comes amid reports of back-channel discussions between the two governments, although neither has publicly acknowledged such talks.
