SBP issues EMI license to EPSL

KARACHI: The State Bank of Pakistan (SBP) has given License to M/s E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI).

Under the license, the EMI shall offer e-money wallets to consumers, merchants and agents.

With this license, 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 organizational and technological infrastructure to commence pilot operations.

Copyright Business Recorder, 2024