The IPO Pakistan has not seen yet
ABHI started in 2021 with eight of us in one shared room and little else, chasing a question that seemed obvious once said out loud: why should someone who has already earned their salary wait until payday to touch it? Plenty of people told us it wouldn’t work, that a small Pakistani fintech had no business fixing something banks hadn’t bothered to. That became Earned Wage Access anyway, then…
ABHI initiated operations in 2021, with eight individuals operating from a single room. The company's primary focus was on addressing the issue of employees waiting until payday to access their earned wages. Many doubted the feasibility of a small fintech company in Pakistan resolving a problem that banks had neglected, but ABHI persevered, expanding its services to include payroll lending, working capital for small merchants, and more.
A significant milestone was the acquisition of a struggling microfinance bank, a move that had not been attempted by a fintech in Pakistan before. After two years of hard work, the institution was restored to health. ABHI Microfinance Bank operates under a microfinance banking license, with a technology-driven approach, offering a wide range of financial services.
The company is now preparing for its first-ever IPO on the Pakistan Stock Exchange, a significant moment in Pakistan's fintech landscape. The listing of a fintech company in Pakistan could set a precedent and provide a benchmark for investors worldwide. The journey to this point has been challenging, but ABHI remains optimistic about the future, hoping the listing will inspire others and prove the viability of its innovative business model.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
