The State Bank of Pakistan (SBP) has granted in-principle approvals to Toko Lab Private Limited and Accept Technologies Private Limited (operating as PayMob) to function as an Electronic Money Institution (EMI) and Payment System Operator (PSO)/Payment Service Provider (PSP), respectively. Both companies must now set up their operational infrastructure and demonstrate readiness within six months. Following this, they may seek permission for pilot operations from the SBP.
Strengthening the Digital Payments Ecosystem
Additionally, SBP has approved HubPay Private Limited to begin pilot operations as an EMI after assessing its preparedness. This move highlights the growing digital payments ecosystem in Pakistan, further supporting the SBP’s commitment to enhancing digital financial services nationwide.
With the new approvals, Pakistan’s EMI sector now includes four operational EMIs—NayaPay, Finja, SadaPay, and Akhtar Fuiou Technologies. Meanwhile, Wemsol, E-Processing System, and HubPay are in pilot stages, and Toko Lab, YAP, and Cerisma have in-principle approvals to launch pilot operations.
Remarkable Growth in EMI Sector
The EMI sector has demonstrated impressive growth as of September 30, 2024. EMIs collectively opened 4.2 million digital wallets, issued 4.6 million payment cards, and hold outstanding e-money deposits totaling Rs. 5.7 billion. Year-on-year comparisons show a remarkable surge in e-money services: wallet openings grew by 76.5%, card issuance increased by 41.4%, and e-money deposits soared by 87.5%.
Between January and September 2024, the EMI sector processed 82.1 million digital payments, totaling PKR 231.9 billion. This represents an outstanding 117% increase in transaction volume and a 163% rise in transaction value year-on-year, underlining the sector’s rapid adoption and expanding user base.
The SBP’s ongoing support for digital financial services aligns with its strategic vision to promote financial inclusion and broaden digital payment access throughout Pakistan. The growth of EMIs is expected to transform the country’s financial ecosystem, encouraging a cashless economy and helping achieve Pakistan’s financial inclusion objectives.
