PSO’s subsidiary granted EMI licence by SBP

Cerisma Pvt Limited issued in-principle approval for e-money wallets catering to consumers and merchants

The State Bank of Pakistan (SBP) has issued a license to Cerisma Pvt Limited, a fully-owned subsidiary of Pakistan State Oil (PSO), for establishing an Electronic Money Institution (EMI).

According to a notification issued by the SBP, Cerisma Pvt Limited has been granted in-principle approval for e-money wallets catering to consumers and merchants.

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PSO’s national presence spans 3,528 retail outlets, holding a 51% market share, marking a 1.8% growth from the previous year. Despite this, PSO faces many challenges, especially mammoth receivables, hindering its strategic plans.

To mitigate these issues, PSO has decided to bolster its presence in the financial sector by leveraging its extensive network of retail outlets and point-of-sale functions nationwide.

Back in 2019, the PSO launched its wallet by the name of DIGICASH. Users can manage the wallet via the PSO Fuellink app and get a virtual as well as a physical DIGICASH card to make purchases at retail fuel stations. 

These cards can be topped up through a bank, branchless banking agents and at some retail outlets of PSO. This wallet is currently closed loop which means that only PSO customers can use it for purchases from PSO.

Part of PSO’s strategy is also to launch a venture capital fund, from its own profits. “PSO Venture Capital (PVC) has been created as a strategic investment division of PSO, aiming to unlock new streams of revenue and enhance the overall value of the parent company,” a representative from PSO told in a statement to Profit in December last year.

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