ABHI partners with Saudi broker Bayt to offer earned wage access, boosting financial ease, inclusion for workers
Pakistani fintech ABHI has signed an agreement with Bayt, a Saudi real estate broker. Under the agreement, ABHI will facilitate salary payments for Bayt’s employees in Saudi Arabia, allowing employees to receive their wages on time and access a specific portion of their salary in advance.
Founded in 2021, ABHI is a Pakistani early wage access platform that lets salaried employees access a portion of their earned salary before the next payroll cycle, Earned Wage Access (EWA). The platform works to assist employees in avoiding paying late fees on bills and accessing emergency cash.
The company operates across Pakistan as well as in Saudi Arabia, the UAE, and Bangladesh, providing its credit-bridging products (such as EWA), which are systems that provide short-term financing solutions designed to help those in need of immediate funds.
ABHI’s co-founder and CEO, Umair Ansari, said their mission is to enhance financial inclusion across the region. A partnership with a company like Bayt will expand financial access for professionals in Saudi Arabia.
Bayt’s Manager of HR and Operations, Nouf Al-Qahtani, said that providing instant access to earned wages through ABHI gives their employees greater ease, flexibility, and control over their financial needs.
The partnership reflects both companies’ commitment to financial empowerment and digital innovation in line with Saudi Vision 2030, a strategic framework launched in April 2016 by the Saudi government under Crown Prince Mohammed bin Salman. Saudi Vision 2030’s goal is to “provide a blueprint diversifying the economy, empowering citizens, [and] creating a vibrant environment for both local and international investors”.
In February of this year, ABHI launched a microfinance bank in partnership with TPL Corp, which is the investment holding company of the TPL Group with investments across insurance, real estate, transport, securities, technology and financial sectors.