SBP grants EMI license to Wemsol

MG News | February 24, 2025 at 04:07 PM GMT+05:00

0:00

February 24, 2025 (MLN): The State Bank of Pakistan (SBP) has given a license to Wemsol Private Limited to commence commercial operations as an Electronic Money Institution (EMI), according to the Press Statement issued by the Bank today.

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 NayaPay Private Limited, Finja Private Limited, SadaPay Private Limited, Akhtar Fuiou Technologies Private Limited, E-Processing Systems Private Limited, and Wemsol Private Limited.

In addition, one EMI, namely HubPay Private Limited is currently in pilot operations.

Meanwhile, three EMIs, namely YAP Pakistan Private Limited, Cerisma Private Limited, and 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.

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