SBP Grants In-Principle Approvals to Toko Lab and Accept Technologies; EMI Sector Reports Robust Growth in 2024
Karachi, November 6, 2024 – 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 operate as an Electronic Money Institution (EMI) and Payment System Operator (PSO)/Payment Service Provider (PSP), respectively. These entities are now expected to establish their operational infrastructure and demonstrate readiness within six months, following which they may apply for pilot operation permissions from the SBP.
In addition, SBP has granted approval to HubPay Private Limited to initiate pilot operations as an EMI, after evaluating its operational preparedness. HubPay joins a growing list of entities in Pakistan’s digital payments ecosystem, reflecting SBP’s commitment to fostering digital financial services across the country.
With the latest approvals, the EMI sector in Pakistan now comprises four EMIs in commercial operations, namely NayaPay, Finja, SadaPay, and Akhtar Fuiou Technologies. Meanwhile, three entities—Wemsol, E-Processing System, and HubPay—are operating in pilot stages, while three others, including YAP, Cerisma, and Toko Lab, hold in-principle approvals to establish readiness for pilot operations.
As of September 30, 2024, the EMI sector has made notable progress. EMIs have collectively opened 4.2 million digital wallets, issued 4.6 million payment cards, and hold outstanding e-money deposits of Rs. 5.7 billion. Year-on-year data shows significant growth in e-money services, with wallet openings increasing by 76.5%, card issuance up by 41.4%, and e-money deposits surging by 87.5%.
From January to September 2024, Pakistan’s EMI sector recorded a total of 82.1 million digital payments through e-wallets, amounting to PKR 231.9 billion. These figures represent impressive year-on-year growth of 117% in transaction volume and 163% in transaction value, highlighting the sector’s rapid adoption and growing user base.
SBP’s continued support for digital financial services underscores its strategic vision to expand financial inclusion and digital payment access across Pakistan. The regulatory push and growth of EMIs are expected to play a pivotal role in reshaping the country’s financial landscape, promoting a cashless economy, and advancing Pakistan’s financial inclusion goals.
