Karachi : The State Bank of Pakistan (SBP) has given license to M/s. Wemsol Private Limited to commence commercial operations as an Electronic Money Institution (EMI).
Under the license, the EMI shall offer e-money wallet and payment gateway services to consumers and merchants.
With this license, the number of EMIs undertaking commercial operations will increase to six (06), including M/s. NayaPay Private Limited, M/s. Finja Private Limited, M/s. SadaPay Private Limited, M/s. Akhtar Fuiou Technologies Private Limited, M/s. E-Processing Systems Private Limited, and M/s.
Wemsol Private Limited.
In addition, one EMI, namely M/s. HubPay Private Limited is currently in pilot operations. Meanwhile,
three EMIs, namely M/s. YAP Pakistan Private Limited, M/s. Cerisma Private Limited, and M/s. Toko Lab Private Limited—have been given in-principle approval and are currently in the process of developing their organizational readiness and technological infrastructure to commence pilot operations.