KARACHI: The State Bank of Pakistan (SBP) has licenced Wemsol Private Limited to begin operations as an electronic money institution (EMI).
This licence enables Wemsol to offer “e-money wallet and payment gateway services to both consumers and merchants.”
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With the new addition, the total number of EMIs operating in Pakistan will rise to six, joining the ranks of NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, and E-Processing Systems.
HubPay is in pilot operations while YAP Pakistan, Cerisma, and Toko Lab have received in-principle approval and are preparing to launch their pilot programmes.
Wemsol operates Keenu, a fintech platform that provides digital payment solutions, including a wallet app that facilitates payments, money transfers, and bill-splitting.
