KARACHI: February 2025 — The State Bank of Pakistan (SBP) has granted Wemsol Private Limited a license to commence commercial operations as an Electronic Money Institution (EMI).
Under this license, Wemsol will offer e-money wallet and payment gateway services to consumers and merchants across Pakistan. The company initially received in-principle approval from SBP in September 2021, followed by permission to launch pilot operations in November 2024.
With this development, the number of EMIs operating commercially in Pakistan has now increased to six. The other licensed EMIs include NayaPay Private Limited, Finja Private Limited, SadaPay Private Limited, Akhtar Fuiou Technologies Private Limited, and E-Processing Systems Private Limited.
Additionally, HubPay Private Limited is currently in the pilot phase. Meanwhile, three more EMIs—YAP Pakistan Private Limited, Cerisma Private Limited, and Toko Lab Private Limited—have secured in-principle approval and are in the process of developing their organizational and technological infrastructure to commence pilot operations.
The SBP continues to expand the digital financial services ecosystem in Pakistan, fostering innovation and financial inclusion through regulated electronic money institutions.
