State Bank of Pakistan (SBP) grants pilot launch approval to Keenu (Wemsol Private Limited) to operate as Electronic Money Institution (EMI). This will allow the leading Pakistani payments brand to initiate the pilot phase of E-Money Wallet for EMI Wallets and Internet Payment Gateway under the supervision of SBP.
Keenu, a Pakistani Fintech launched in 2013, is now a household name in Pakistan and the only Fintech to have deployed a countrywide POS terminal network, expanding into more than 100 cities. With the pilot approval of EMI, Keenu will facilitate consumers and businesses to sign-up on E-Money Wallet and make all types of online payments.
Users holding a valid Pakistani CNIC would be able to download Keenu Wallet app from Apple, Google, and Huwaei app stores and sign-up within a minute to start using the app. Users can make P2P payments, bill payments, top-ups, etc. Keenu also intends to issue a trendy looking debit card which will give customers complete control over its usage via Keenu Wallet app, giving them true digital payments experience.
At this landmark moment, Saad Niazi, Chief Operating Officer (COO) and Co-founder of Keenu, remarked, “It’s a moment of pride that we have been granted the pilot approval of EMI by State Bank of Pakistan. Keenu’s journey from merchant acquiring business will give us the edge to offer better payment solution to end consumers based upon our rich experience in the business. Keenu Wallet is about making payments fun and rewarding. Our services resonate with the needs of masses and classes alike and we look forward to making another success story here.”
“It’s really positive to witness Pakistan’s digital payments industry growing manifold and its usage by businesses and consumers increasing every day,” said Ashraf Machiyara, Chairman, Keenu (Wemsol Private Limited).
The SBP issued pilot approval of EMI is a step towards creating a platform that shapes the homegrown Fintech industry in achieving the true potential of digital payments in Pakistan. Keenu plans to launch a pilot to a limited user base and move towards Commercial Launch readiness, subject to SBP’s approval.