Systems Ltd’s subsidiary gets SBP approval to operate as EMI
MG News | January 30, 2020 at 11:46 AM GMT+05:00
January 30, 2020 (MLN): Systems Limited (SYS) has announced that its subsidiary EP Systems (Pvt) Ltd has been granted In-Principle Approval under Regulations for Electronic Money Institutions (EMI) from State Bank of Pakistan (SBP), revealed company’s notification to Exchange.
The SBP approval allows EP Systems to operate as an EMI subject to certain terms and conditions. EP Systems owns and operates OneLoad, a digital commerce and financial settlement app for small retailers across the country.
Over 35,000 active retailers use OneLoad as access points for mass-market digital payments such as internet packages, mobile airtime, media and entertainment subscriptions.
To date over 150 million consumers have been served through OneLoad, making it one of the largest digital commerce platforms in Pakistan.
The EMI approval will enable EP Systems to connect the unbanked mass market to the formal banking system allowing them to transact and use the financial system easily and seamlessly.
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