The State Bank of Pakistan (SBP) has officially granted Wemsol Private Limited a license to begin commercial operations as an Electronic Money Institution (EMI). This approval marks a significant milestone in the development of Pakistan’s digital financial ecosystem, as Wemsol is now authorized to offer electronic money wallet and payment gateway services to both consumers and merchants.
With the issuance of this license, Wemsol joins an emerging group of fintech companies that are revolutionizing the payment landscape in Pakistan. The number of active EMIs in the country will now increase to six, joining other licensed institutions such as NayaPay Private Limited, Finja Private Limited, SadaPay Private Limited, Akhtar Fuiou Technologies Private Limited, and E-Processing Systems Private Limited. This move by the SBP reflects the central bank’s ongoing efforts to promote innovation and expand the availability of digital financial services across the country.
Wemsol Pvt Ltd operates Keenu, a popular Pakistani fintech platform that offers a variety of digital payment services aimed at both consumers and businesses. Keenu provides users with a digital wallet app, enabling them to make seamless payments, transfer funds, and split bills, making it an attractive solution for those seeking convenience and efficiency in managing their finances. By being granted an EMI license, Wemsol will now be able to offer these services on a commercial scale, with the potential to capture a larger share of Pakistan’s growing digital payments market.
The SBP’s licensing of Wemsol is part of a broader strategy to enhance financial inclusion in Pakistan. In its statement, the central bank highlighted that the number of EMIs licensed to conduct commercial operations is steadily increasing, which signals a healthy growth trajectory for Pakistan’s fintech sector. By offering digital wallets and payment gateways, EMIs like Wemsol are providing valuable alternatives to traditional banking, especially in a country where a significant portion of the population remains unbanked or underbanked.
In addition to Wemsol, the SBP has also granted pilot licenses to a number of other fintech companies, further underscoring the expanding scope of digital financial services in Pakistan. Among these is HubPay Private Limited, which is currently operating in pilot mode. Furthermore, three other EMIs—YAP Pakistan Private Limited, Cerisma Private Limited, and Toko Lab Private Limited—have received in-principle approvals. These companies are in the process of developing their technological infrastructure and organizational readiness to begin pilot operations, suggesting that the digital payments landscape in Pakistan is rapidly evolving.
The licensing of multiple EMIs is a key part of the SBP’s broader vision for a more inclusive and efficient financial system in Pakistan. By encouraging the growth of digital payments solutions, the central bank aims to not only improve access to financial services but also to create a competitive environment that fosters innovation in the fintech space.
As Pakistan continues to embrace digital financial technologies, the success of companies like Wemsol and its Keenu platform will play a critical role in shaping the future of payments and financial services in the country. With the support of the SBP and the increasing availability of digital financial products, the path towards greater financial inclusion in Pakistan is looking brighter than ever.
The commercial operations of Wemsol will likely further accelerate the adoption of digital payment systems, allowing more consumers and businesses to experience the benefits of convenient, secure, and accessible financial transactions. This license is not just a win for Wemsol, but a step forward for Pakistan’s entire fintech sector.