SBP issues licence to Wemsol Private Limited to start commercial operations

KARACHI: The State Bank has given a licence to Wemsol Private Limited to commence commercial operations as an Electronic Money Institution (EMI), a statement said on Monday.

Under the license, the EMI will offer e-money wallet and payment gateway services to consumers and merchants. With this licence, the number of EMIs undertaking commercial operations will increase to six, 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 -- 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 organisational readiness and technological infrastructure to commence pilot operations.