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SBP grants licence to Wemsol for commercial operations
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.”
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.
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