SBP Issues License to Wemsol Private Limited to Commence Commercial Operations as EMI 

The SBP has given license to Wemsol Private Limited to commence commercial operations as an Electronic Money Institution (EMI).   Under the license, the EMI shall offer e-money wallet and payment gateway services to consumers and merchants. The operator received in-principle approval in September 2021 and permission for launching pilot operations in November 2024.   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.