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KARACHI: Pakistani fintech ABHI, which expanded its operations to the UAE and Saudi Arabia last year, has partnered with leading global financial services conglomerate, LuLu Financial Holdings, to enhance financial inclusion and remittance solutions, ABHI said in a statement on Thursday. 

Founded in 2021, ABHI raised $17 million in a Series A funding round led by Speedinvest. Last year, it secured a whopping $15 million in debt financing through a credit facility by Shorooq partners and Amplify Growth Partnership companies to expand its operations in the United Arab Emirate. It also operates in Saudi Arabia and Bangladesh.

The fintech company provides employees an opportunity to withdraw their earned salary any day through its Earned Wage Access facility and other products. In 2023, it was selected as one of the Future 100 companies of the UAE.

“As part of the partnership, workers in the UAE will be able to access their earned wages instantly and remit funds to their families back home through LuLu Exchange — without having to wait for payday,” the ABHI statement said on the partnership with LuLuFin.

“Through the initiative, workers in the UAE will benefit from Earned Wage Access and Send Now, Pay Later services, giving them greater financial flexibility and control over their income.”

By offering instant access to earned wages and enabling timely remittances, the partnership addresses a key financial need among expatriate workers, empowering them to support their families with greater ease and security, ABHI said. 

The Pakistani fintech will provide the operational framework for LuLuFin, enabling customers to access their earned wages before their scheduled payday and allowing employees to send money internationally instantly with the flexibility to defer payment. 

The service will be rolled out across all major corridors, with the launch for Pakistani customers scheduled for May.

“This partnership with ABHI represents a bold step toward redefining financial connectivity for global diasporas. By leveraging cutting-edge technology, we aim to create a seamless bridge for expatriates to support their families, setting the stage for a future where financial inclusivity knows no borders,” Thampi Sudarsanan, Chief Executive Officer, LuLu Exchange UAE, said.

Omair Ansari, the Co-Founder & CEO of Abhi Middle East Limited, said the partnership with LuLu Financial Holdings marked a “significant step in enabling expatriates to access their hard-earned wages seamlessly and support their families back home without financial strain.”

“By integrating ABHI’s technology with Lulu’s extensive market expertise, we are dedicated to promoting financial inclusion and providing underserved communities with greater flexibility and convenience in managing their finances,” Ansari added. 

In January, ABHI announced it had acquired FINCA microfinance bank to improve financial inclusion for millions of Pakistanis across the country.

FINCA Pakistan, part of a global FINCA network, operates in 108 cities across Pakistan, providing state-of-the-art deposit and payment solutions, including micro-credit facilities aimed at improving livelihoods.

In February, ABHI launched the ABHI Microfinance Bank in collaboration with TPL Corp. 

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday emphasized the need to strengthen agricultural research and directed the formulation of a national innovation framework amid growing concerns over climate change and food security.

Sharif was chairing a high-level meeting to review reforms in the agriculture sector. He said the government was modernizing farming practices to achieve self-sufficiency and unlock the sector’s full economic potential.

Pakistan has in recent years experienced a series of extreme climate events, including heatwaves, droughts and floods. In 2022, catastrophic floods submerged a third of the country, killing around 1,700 people and causing more than $35 billion in economic losses.

Last year, Pakistan deepened agricultural cooperation with Beijing during Sharif’s visit to China, where both sides agreed to train Pakistani agriculture experts and promote the use of modern technology and innovative farming practices.

“Ensure the provision of agricultural loans to farmers on easy terms,” Sharif instructed relevant officials, according to a statement issued by his office after the meeting.

“Focus on agricultural research to increase national productivity,” he added. “We need a sustainable and long-term agro-industrial development policy to boost both agriculture and forestry, which are essential to tackling climate change.”

During the meeting, the prime minister noted that Pakistan had been blessed with fertile land, capable experts and hardworking farmers, stressing the need for a coordinated strategy in consultation with all stakeholders, including provincial governments.

He instructed relevant ministries to present a National Agricultural Innovation Plan, expedite reforms in the seed certification system and devise an effective strategy to promote high-quality seeds.

He also called for the creation of a comprehensive regulatory framework to support innovation and transparency in the sector.

“Promoting modern technology in agriculture is our priority,” the PM said, reiterating his government’s commitment to transforming the sector to drive economic growth and build climate resilience.

A working group established to develop agricultural reforms also presented its proposals during the meeting, the PMO said.