SBP has granted a license to M/s. Wemsol Private Limited, allowing it to commence commercial operations as an EMI. This development marks a significant step in Pakistan’s digital financial landscape, as Wemsol will now offer e-money wallet services and payment gateway solutions to consumers and merchants. The approval aligns with SBP’s broader vision of promoting digital transactions, reducing reliance on cash, and fostering financial inclusion through fintech innovation.
With this latest addition, the number of EMIs authorized to undertake commercial operations in Pakistan has increased to six. Other operational EMIs include NayaPay Private Limited, Finja Private Limited, SadaPay Private Limited, Akhtar Fuiou Technologies Private Limited, and E-Processing Systems Private Limited. These institutions are playing a crucial role in expanding the digital payments ecosystem by providing seamless transaction solutions and improving financial accessibility for individuals and businesses across the country.
Beyond the currently operational EMIs, M/s. HubPay Private Limited is undergoing pilot operations under SBP supervision. Additionally, three more entities—YAP Pakistan Private Limited, Cerisma Private Limited, and Toko Lab Private Limited—have received in-principle approval. These firms are now in the process of developing their organizational and technological infrastructure before they can move to pilot operations. The gradual expansion of licensed EMIs is a testament to Pakistan’s growing fintech sector and the regulatory efforts to ensure a secure and efficient digital payment system.
The increasing number of EMIs in Pakistan is expected to bring several advantages, including improved financial inclusion by reaching unbanked populations, enhanced competition in the fintech space, and a more cashless economy with convenient digital transaction methods. The SBP’s regulatory framework ensures that these institutions adhere to high security and compliance standards, ultimately benefiting consumers by providing safe and innovative financial solutions. As digital finance continues to gain momentum, the entry of new players like Wemsol Private Limited will further accelerate the transformation of Pakistan’s payment ecosystem.
