SBP Grants License to Wemsol for Digital Payments Operations

The State Bank of Pakistan (SBP) has issued a license to M/s. Wemsol Private Limited, allowing it to begin commercial operations as an Electronic Money Institution (EMI). With this approval, Wemsol will offer e-money wallet and payment gateway services to both consumers and businesses.

This addition brings the total number of EMIs in commercial operation to six, joining NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, and E-Processing Systems.

Meanwhile, M/s. HubPay Private Limited remains in the pilot phase. Additionally, three other firms—YAP Pakistan, Cerisma, and Toko Lab—have received in-principle approval and are currently working on their organizational and technological infrastructure before launching pilot operations.