ASA Pakistan was granted approval for ‘Commencement of Microfinance Banking Business’ on 13 November 2023. The mobilisation of deposits is dependent upon the successful implementation of its Core Banking System.
The Company migrated more than 600,000 clients in Pakistan from the incumbent loan management system to the Temenos Transact Core Banking System on 25 February 2024.
In Q1 2023, the Bank of Ghana approved theCompany’s application to implement Digital Financial Services.
ASA Kenya has submitted a pro forma application for a Digital Credit Providers licence to ensure compliance, but would like to obtain a deposit taking licence in the near future. At the same time, the Company is in discussions with the Central Bank for a microfinance bank licence. This process is expected to be accelerated in 2024.
2022
ASA Pakistan received the Microfinance Banking (‘MFB’) licence from State Bank of Pakistan (‘SBP’) on 24 May 2022 and is expected to receive a formal certificate of commencement any time.
In 2022 the Digital Credit Providers Act took effect, which prohibits credit only microfinance institutions (MFIs) to take collateral. MFIS to apply for a Digital Credit Providers license, Microfinance Bank license or any other suitable license.
2021
State Bank of Pakistan completed the inspection of ASA Pakistan in 2021. ASA Pakistan is now awaiting the final license.
ASA Tanzania and ASA Kenya are preparing the application for a deposit-taking licence to be submitted to the central bank.
2020
ASA Pakistan received a no objection certificate from the State Bank of Pakistan to become a microfinance bank
ASA Myanmar received a full deposit-taking licence
ASA Nigeria established following the merger of ASIEA and ASHA Microfinance Bank Limited
2019
Lak Jaya became a deposit-taking microfinance company in Sri Lanka
ASHA Microfinance Bank obtained national wide licence, ASHA Microfinance Bank and ASIEA NGO merger is in progress in Nigeria
ASA Zambia commenced operations
2018
Completes premium listing on the Main Market of the London Stock Exchange
Received licence to commence business in Zambia
MFI Licence received in India
Finance company licence received in the Philippines
2016
Establishes MFIs in Rwanda and Sierra Leone
Company secures a U.S.$20 million loan from Overseas Private Investment Corporation
2014
Establishes MFIs in Myanmar and Tanzania
2013
Establishes MFIs in Kenya and Uganda
2012
Receives savings & loans bank license in Ghana
2010
Receives a microfinance bank license in Nigeria
2009
Establishes MFI in Nigeria
2008
Establishes MFIs in Ghana, India and Pakistan
Acquires an MFI in Sri Lanka
2007
April: Incorporated
Company secures a U.S.$20 million loan from the Bill and Melinda Gates Foundation
Establishes an MFI in the Philippines
IT developments
2019
Loan officers, area and district managers use tablets which simplifies loan administration
AMBS real-time implementation completed in nine out of 13 countries
A real-time mobile app is rolled-out in countries where real-time AMBS is implemented. It is used for collection, client admission and loan application processing
