The State Bank of Pakistan (SBP) has licensed M/s. Wemsol Private Limited to operate as an Electronic Money Institution (EMI), enabling it to offer digital financial services.
Under the approval, Wemsol will provide e-money wallet and payment gateway solutions to consumers and merchants, expanding the country’s digital payment infrastructure.
With this license, the number of EMIs undertaking commercial operations will increase to six (06), including M/s. NayaPay Private Limited, M/s. Finja Private Limited, M/s. SadaPay Private Limited, M/s. Akhtar Fuiou Technologies Private Limited, M/s. E-Processing Systems Private Limited, and M/s. Wemsol Private Limited.
In addition, one EMI, namely M/s. HubPay Private Limited is currently in pilot operations. Meanwhile, three EMIs, namely M/s. YAP Pakistan Private Limited, M/s. Cerisma Private Limited, and M/s. 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.
