The State Bank of Pakistan (SBP) has given a license to E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI).
In a statement, the central bank said that under the license, the EMI will offer e-money wallets to consumers, merchants and agents. With this license, the number of EMIs undertaking commercial operations will increase to five. They include NayaPay Private Limited, Finja Private Limited, SadaPay Private Limited, Akhtar Fuiou Technologies Private Limited and E-Processing Systems Private Limited.
In addition, two EMIs, namely Wemsol Private Limited and HubPay Private Limited, are in pilot operations. Meanwhile, three more EMIs—YAP Pakistan Private Limited, Cerisma Private Limited, and 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, SBP added.
