• 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 the Company’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. 


  • 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.


  • 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.


  • 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


  • 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


  • 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


  • Establishes MFIs in Rwanda and Sierra Leone
  • Company secures a U.S.$20 million loan from Overseas Private Investment Corporation


  • Establishes MFIs in Myanmar and Tanzania


  • Establishes MFIs in Kenya and Uganda


  • Receives savings & loans bank license in Ghana


  • Receives a microfinance bank license in Nigeria


  • Establishes MFI in Nigeria


  • Establishes MFIs in Ghana, India and Pakistan
  • Acquires an MFI in Sri Lanka 


  • 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


  • 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


  • Tablets rolled out to all loan officers