October 24, 2023 (MLN): The State Bank of Pakistan (SBP) has advised CMPECC (Pvt) Ltd, an electronic money institution (EMI), to refund all its e-money customers within 15 days, following the company's request on October 23 to close its e-money business and withdraw its e-money license.

According to a letter issued by the external communications department of the SBP yesterday, CMPECC is currently in the 'commercial stage' under the Regulations for EMIs.

It is pertinent to mention that the liability of returning customers’ funds rests with M/s CMPECC under the regulations for EMIs.

EMI licenses are issued by SBP to non-bank entities in three stages i.e. In-Principle Approval, Pilot Operations Approval and Commercial Operations Approval.

The SBP said that it would issue separate instructions on the revocation of CMPECC's license under the Regulations for EMIs.

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Posted on: 2023-10-24T10:44:53+05:00