Islamabad, Feb 25: The State Bank of Pakistan (SBP) has granted a license to Wemsol Private Limited to operate as an Electronic Money Institution (EMI), expanding the country’s digital financial ecosystem. With this approval, Wemsol will offer e-money wallet and payment gateway solutions to consumers and merchants, further strengthening Pakistan’s digital payments infrastructure.
This latest licensing brings the total number of EMIs in commercial operation to six, including NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, E-Processing Systems, and now Wemsol. Additionally, HubPay Private Limited is currently in its pilot phase, while three other entities YAP Pakistan, Cerisma, and Toko Lab have received in-principle approval and are working on technological and operational readiness before launching pilot operations.
The licensing of Wemsol marks another step in SBP’s ongoing efforts to accelerate digital financial inclusion and reduce reliance on cash transactions. By fostering competition and innovation in the fintech space, the central bank aims to create a more inclusive, accessible, and efficient financial system, ultimately driving Pakistan toward a cashless economy.
