SBP Grants EMI License to Wemsol Private Limited for Operations

State Bank of Pakistan (SBP) has officially granted Keenu (Wemsol Private Limited) a license to operate as an Electronic Money Institution (EMI), allowing it to offer e-money wallet and payment gateway services nationwide. This comes after Wemsol’s in-principle approval in September 2021 and the successful completion of its pilot phase, which began in November 2024.

With this addition, Pakistan now has six commercially operating EMIs, including NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, and E-Processing Systems. Hubpay is currently in its pilot phase, while three more,YAP Pakistan Private Limited, Cerisma Private Limited, and Toko Lab Private Limited, have received in-principle approval and are working towards launching their pilot operations.

The SBP’s continued efforts to expand the digital financial services sector reflect its commitment to fostering innovation and economic inclusion. By bringing more EMIs into the fold, the central bank is not only strengthening the fintech ecosystem but also creating more secure and efficient digital payment options for consumers and businesses across Pakistan.