SBP grants license to EPSPL to launch e-money services

MG News | November 20, 2024 at 05:16 PM GMT+05:00

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November 20, 2024 (MLN): The State Bank of Pakistan (SBP) has given license to E-Processing Systems Private Ltd. (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI).

Under the license, the EMI will offer e-money wallets to consumers, merchants, and agents.

With this license, the number of EMIs undertaking commercial operations will increase to five, namely NayaPay Private Ltd., Finja Private Ltd., SadaPay Private Ltd., Akhtar Fuiou Technologies Private Ltd., and E-Processing Systems Private Ltd..

In addition, two EMIs, namely Wemsol Private Ltd. and HubPay Private Ltd., are in pilot operations.

Meanwhile, three more EMIs—YAP Pakistan Private Ltd., Cerisma Private Ltd., and Toko Lab Private Ltd.—have been given in-principle approval and are currently in the process of developing organizational and technological infrastructure to commence pilot operations.

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