FINCA Pakistan | News
LAHORE, 19th MAY 2018: FINCA, one of Pakistan’s leading micro-finance banks, organised a ‘Financial Literacy Programme’ for its customers and members of the general public.
The aim of the video-based awareness programme, held at FINCA’s Johar Town Branch, was to educate customers about financial services and raise awareness about microfinance banks amongst those members of society with limited access to financial services. The session themes revolved around budgeting for small businesses, savings, investments, using alternative delivery channels etc. A mix of 21 people attended the inaugural session in 2018, most of them women. The attendees were intrigued by FINCA’s new mobile financial offering SimSim. They were also keen on probing extensively about their financial rights and responsibilities.
In a nationwide access to finance survey, 36% of respondents cited a “lack of knowledge or understanding” of financial services. That is why FINCA has taken this strategic initiative to help address the problem through awareness sessions across the FINCA branch network. The purpose of these sessions will be to educate the public on financial services, including budgeting, savings, investments, loans with terms and conditions, bank accounts, and the rights and responsibilities of customers, with the ultimate aim of helping them make smarter banking decisions in the future.
With the help of this ‘Financial Literacy Programme’, FINCA wishes to promote responsible banking by empowering its customers to gain reasonable information from financial institutions that enhances their ability to make sound financial decisions. The bank has planned to conduct these sessions across all of its 120 branches that are present in 108 cities nationwide.
LAHORE, 17th MAY, 2018: FINCA Microfinance Bank has partnered with AutoSoft Dynamics (Pvt.) Limited (AutoSoft) to implement the “AutoBANKER Premium – Global Banking System” to automate its operations in Pakistan.
The product suite comprises of a state of the art Core Banking Platform with multiple vertical niche products that includes Consumer Financing, Fixed Assets, Treasury Management as well as MIS reporting. The product suite will enable FINCA Pakistan to offer banking services to their customers via multiple channels. AutoSoft’s system was selected due to their superior financial and technical evaluations, its capability to synergize, co-exist and evolve alongside FINCA’s digital platform – SimSim.
Commenting on the significant occasion, M Mudassir Aqil, CEO of FINCA said, “FINCA is determined to play its part to increase financial inclusion in Pakistan, leveraging the digital channel that is growing exponentially. This system upgrade will allow FINCA’s operations to become extremely nimble, and will serve as the backbone for complete automation of our branch banking services. As a result, offering tailored products and services to our customers would become easier and speedier as the system integration with the SIMSIM platform will digitize the delivery of microfinance products to our low income entrepreneurs.”
The software deployment has come at a necessary point in FINCA Pakistan’s branch network expansion. In the 10th year of its operations, FINCA has expanded its outreach to 108 cities nationwide through 120 branches. The new core banking suite would allow FINCA to keep its software services on par with its ever-increasing software requirements. Since the initiation of its operations in Pakistan, FINCA has provided PKR 60 billion in micro-loans to 700,000 hardworking entrepreneurs. The core banking system’s overhaul would enable FINCA to increase the outreach at a much faster rate, while maintaining the gold standards in quick customer servicing.
Adding on the occasion, Sadia Khan, CEO of AutoSoft said, “We are proud to be further strengthening our relationship with FINCA Microfinance Bank by joining hands as their core banking solution partner. This win is another example of how we continue to support our customers as their software requirements evolve; allowing them to pay as they grow. Both teams are determined to make this implementation another benchmark for the industry and I have no doubt that the AutoBANKER Premium suite will support FINCA’s business needs and accelerate their business growth enabling them to make better strategic decisions”.
The decision to obtain AutoSoft’s Global Banking System by FINCA Pakistan for its daily operations is of utmost significance. In order to facilitate FINCA’s nationwide expansion, this particular decision is also aligned with the bank’s strategic objective to emphasize on focused digital strategy which includes modernizing its software systems.
About FINCA Microfinance Bank
FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provides socially responsible financial services and enables low-income entrepreneurs and small business owners to invest in the future.
FINCA is also one of the fastest growing microfinance networks in Pakistan with 120+ branches in 108 cities across the country. Since its inception 10 years ago, FINCA Microfinance Bank has given over PKR 60 billion through 700,000+ small loans to microenterprises, helping them grow their businesses, and creating thousands of new jobs. It also provides attractive deposit options and state of the art payment solutions with an unparalleled customer experience.
FINCA has also launched a first-of-its-kind mobile wallet, SimSim that can be opened and operated from one’s smart phone. Anyone can open an account remotely in just 1 minute. SimSim empowers users by providing a payment solution that not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem. FINCA is the first microfinance bank in Pakistan to receive Smart Certification, recognizing its long-standing commitment to client protection. FINCA is a name you can trust.
AutoSoft Dynamics is a leading global solution provider of Banking, IT and ICT automated solutions for the banking and financial services industry. AutoSoft offers a range of products, solutions and consulting services that cut costs respond rapidly to market needs, enhance customer service levels and mitigate implementation risks.
AutoSoft has grown organically since inception and now house over 165 employees with offices in Lahore and Karachi. With its vast pool of resources, having years of experience in banking automation, AutoSoft is set to provide a multitude of services to the financial services industry and has already provided both conventional and Islamic banking solutions to many prestigious banks. AutoSoft solutions are currently implemented in 23 leading institutions within Asia, the Middle East and Africa.
FINCA reaffirmed its commitment to women’s empowerment by engaging with the wider businesswomen community to share its initiatives for women’s development at FINCA. The platform catalyzed discussions between a wide variety of women professionals on topics crucial to the empowerment, growth and development of women professionals in Pakistan.
FINCA and Karandaaz Pakistan join hands to support women entrepreneurship. The program will deploy use cases for women business owners aimed at eliminating hurdles to making payments and transactions. Local women within the same communities will act as SimSim agents, furthering the positive economic impact of this collaboration.
FINCA partners up with BISP, Pakistan, to further the empowerment and financial inclusion of women across the country.
FINCA celebrated the arrival of new year in a warm ceremony at the Peeru’s Cafe, in Lahore, resolving to become a digital and data-driven organization in 2018.
PPTFC Will Fund On-lending to Small Businesses
FINCA Microfinance Bank announced the registration of PKR 1,500 million Privately Placed Term Finance Certificate (PPTFC), furthering its strategy of diversifying its funding base to promote financial inclusion. This is the first PPTFC offering for FINCA Microfinance Bank in Pakistan and the denomination of each electronic instrument will be PKR 100,000. FINCA expects that the successful placement of this offering will allow it to continuously access Pakistan’s capital markets in the future.
These instruments will be registered with the Central Depository Company (CDC) and will be traded electronically. FINCA Microfinance Bank will have the option of drawing the entire amount in a lump sum or in three tranches at PKR 500 million each over a nine-month availability period. The tenor of the bond is 5 years.
Andrée Simon, CEO of FINCA Impact Finance, said, “The success of this PPTFC offering is a clear testament to the strength of FINCA Impact Finance and our commitment to expand access to responsible financial services in Pakistan and around the world.”
Roman Hingorani, CFO for FINCA Impact Finance, said, “FINCA Impact Finance is making tremendous strides in diversifying our funding base with bond offerings in three countries. We’ve moved from a heavy reliance on international borrowings to more local funding sources, helping us manage our foreign exchange and geographic risks. For customers around the globe, this reinforces our role as a reliable banking partner.”
About FINCA Microfinance Bank
FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provides socially responsible financial services, and enables low-income entrepreneurs and small business owners to invest in the future.
FINCA is one of the fastest growing microfinance networks in Pakistan, with 120 branches in 108 cities across Pakistan. It is the first microfinance bank in Pakistan to receive Smart Certification, recognizing its long-standing commitment to client protection. It also recently launched a first-of-its-kind mobile wallet, SimSim that can be opened and operated from one’s smartphone; anyone can open an account, sitting at home, in just one minute. SimSim empowers users by providing a payment solution which not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem.
FINCA engages the parents of the The City School to familiarize about the benefit of SimSim for the school fee payment of their children.