The State Bank of Pakistan (SBP) has advised CMPECC (Pvt) Ltd, currently in the ‘commercial stage’ under Regulations for Electronic Money Institutions (EMIs), to refund all outstanding funds to its e-money wallet holders immediately but not later than 15 days
CMPECC, backed by Zong, was carrying out its operations for more than one year under the brand of PayMax. In its statement, the central bank pointed out that the liability of returning customers’ funds rests with CMPECC under Regulations for EMIs.
The statement further said that this action has been taken after receipt of CMPECC’s request for the closure of its e-money business and request for withdrawal of its e-money license under the Regulations for EMIs. EMI licenses are issued by SBP to non-bank entities in three stages i.e. In-Principle Approval, Pilot Operations Approval, and Commercial Operations Approval.
The central bank said that instructions on the revocation of the license of CMPECC, under Regulations for EMIs, would be issued separately.
