ISLAMABAD: The State Bank of Pakistan (SBP) has granted in-principle approvals to Toko Lab Private Limited and Accept Technologies Private Limited (operating as PayMob) to establish themselves as an Electronic Money Institution (EMI) and a Payment System Operator (PSO) and Payment Service Provider (PSP), respectively. Both companies have been given six months to develop the required infrastructure and operational readiness before applying for permission to initiate pilot operations. Additionally, SBP has allowed HubPay Private Limited to commence its pilot phase as an EMI, recognizing its preparedness.
Currently, four EMIs—NayaPay, Finja, SadaPay, and Akhtar Fuiou Technologies—are fully operational, while three EMIs—Wemsol, E-Processing System, and HubPay—are in the pilot stage. The recent approvals bring the total of in-principle authorized EMIs to three, including YAP, Cerisma, and Toko Lab.
The SBP’s announcement also highlighted robust growth in digital transactions. As of September 30, 2024, the number of e-wallets had risen by 76.5% year-on-year to 4.2 million, with payment cards growing by 41.4% to 4.6 million. E-money deposits reached PKR 5.7 billion, marking an 87.5% year-on-year increase. From January to September 2024, 82.1 million e-wallet transactions valued at PKR 231.9 billion were recorded, reflecting a growth rate of 117% in transaction count and 163% in value compared to the same period last year.
These developments underscore the increasing role of digital financial services in Pakistan’s economy as SBP seeks to expand financial inclusion through secure and innovative payment solutions.
