The State Bank of Pakistan (SBP) has given a license to Wemsol Private Limited to commence commercial operations as an Electronic Money Institution (EMI).
“Under the license, the EMI shall offer e-money wallet and payment gateway services to consumers and merchants,” SBP said in a statement.
“With this license, the number of EMIs undertaking commercial operations will increase to six (06), including NayaPay Private Limited, Finja Private Limited, SadaPay Private Limited, Akhtar Fuiou Technologies Private Limited, E-Processing Systems Private Limited, and Wemsol Private Limited.”
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In addition, one EMI, namely HubPay Private Limited is currently in pilot operations.
Meanwhile, three EMIs, i.e. 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 their organizational readiness and technological infrastructure to commence pilot operations, the central bank shared.
Wemsol Pvt Ltd operates Keenu, a Pakistani fintech that offers digital payment services to consumers and businesses. Keenu offers a digital wallet app that allows users to make payments, send money, and split bills.
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