The State Bank of Pakistan (SBP) has issued a license to M/s. E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI). With this license, EPSPL will offer e-money wallets to consumers, merchants, and agents, facilitating digital payment solutions.
This new addition brings the total number of licensed EMIs in commercial operations to five. These include:
- M/s. NayaPay Private Limited
- M/s. Finja Private Limited
- M/s. SadaPay Private Limited
- M/s. Akhtar Fuiou Technologies Private Limited
- M/s. E-Processing Systems Private Limited
The growing number of licensed EMIs reflects the SBP’s commitment to promoting digital financial services in Pakistan.
EMIs in Pilot Operations
In addition to the five licensed EMIs, two more entities—M/s. Wemsol Private Limited and M/s. HubPay Private Limited—are currently in pilot operations. These firms are testing their systems and processes before obtaining full operational licenses.
In-Principle Approvals Granted
The SBP has also granted in-principle approvals to three EMIs:
- M/s. YAP Pakistan Private Limited
- M/s. Cerisma Private Limited
- M/s. Toko Lab Private Limited
These institutions are working on developing their organizational and technological infrastructure to begin pilot operations soon.
Encouraging Digital Transformation
The issuance of licenses to EMIs marks a significant step in Pakistan’s digital financial transformation. EMIs provide secure and efficient digital payment services, reducing reliance on cash-based transactions. This initiative aligns with the SBP’s broader strategy to enhance financial inclusion and digitalization in the country.
The SBP’s support for EMIs encourages innovation in the financial sector. By granting licenses and approvals, it facilitates the growth of secure, user-friendly digital payment platforms. This not only benefits consumers and businesses but also strengthens the overall financial ecosystem.
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