The State Bank of Pakistan (SBP) has granted a commercial license to Chinese Electronic Ecommerce Company (CMPECC), an Electronic Money Institution (EMI), which has recently commenced its operations and services in its designated markets in Pakistan.
This new company will be launched with the ambition of transforming the digital financial space and is poised to carve its niche in the Pakistani mobile payments market by offering its users great value and addressing existing gaps in Pakistan’s mobile payments space.
It will introduce Digital Wallet Accounts where customers will be able to pay their utility bills, mobile top-ups, transfer money, deposit and withdraw cash, and purchase e-tickets, etc. from their mobile phones.
According to the SBP, a new EMI, M/s CMPECC, was granted a commercial license in Q1-FY22, which will drive the digital payment landscape further, while the existing two EMIs, namely M/s Finja and M/s Nayapay, have also continued to strengthen their presence.
As more such players enter the market, the objective of improving financial inclusion will also increasingly materialize.
As many as 11 EMIs are exploring the Pakistani market. Out of these, four EMIs kicked off their commercial services, two of these were given pilot approval for the services, and five operators were given in-principle approval by the regulator.