UAE-based company founded by Pakistanis to back AI-first ventures with $100 million investment

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.

KARACHI: Pakistanis thronged markets this week to shop for the upcoming holy month of Ramadan, keeping a watchful eye on food prices as the South Asian nation navigates a tricky path to economic recovery.

Pakistan’s consumer inflation was expected to remain stable in February and maintain a downward trajectory compared to the previous year, the finance ministry said in its monthly economic outlook report on Thursday (February 27).
Inflation has eased since last year with CPI coming in at 2.4 percent in January compared to 24 percent in the same period last year. A drop in inflation means that prices are now rising more slowly. But shoppers at a market in Karachi, Pakistan’s biggest city, said they are still feeling the pinch.
“If you compare people’s salaries from last year to this year, they have not increased accordingly, they are facing the same inflation,” Azeem Khan, a government employee, told Reuters.
The country’s economy is on a long path to recovery after being stabilized under a $7 billion International Monetary Fund program secured last year. An IMF mission is due to arrive in Islamabad next week for the first review of the global lender’s facility.
Another shopper said the price increase is due to the arrival of Ramadan, the month during which Muslims fast from dawn to dusk.
One shopkeeper, however, said the prices were stable this year compared to last year, and that prices of some commodities have decreased.
“This year the prices are normal and the prices of some items like lentils, spices and vegetables have come down,” shopkeeper Mohammad Aslam said.
Ramadan is expected to begin in Pakistan on Saturday (March 1) or Sunday (March 2) as the first day of fasting, subject to the sighting of the new moon.