SBP grants licence to company for offering e-money wallets

ISLAMABAD: The State Bank of Pakistan (SBP) has issued another licence to a company to offer e-money wallets to consumers, merchants and agents, says a press release received here on Wednesday. The SBP has given license to M/s E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI). With this licence, the number of EMIs undertaking commercial operations will increase to five, namely M/s NayaPay Private Limited, M/s Finja Private Limited, M/s SadaPay Private Limited, M/s Akhtar Fuiou Technologies Private Limited and M/s E-Processing Systems Private Limited. In addition, two EMIs, namely M/s Wemsol Private Limited and M/s HubPay Private Limited are in pilot operations. Meanwhile, three more EMIs — 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 organisational and technological infrastructure to commence pilot operations.