Karachi November 19 2024: OneZapp, a subsidiary of Systems Limited the largest listed technology company at PSX, has received approval of SBP to begin commercial operations as an Electronic Money Institute.
“We’re thrilled to announce that OneZapp, a subsidiary of Systems Limited, has officially received approval from the State Bank of Pakistan (SBP) to begin commercial operations as an Electronic Money Institute (EMI)” according to company message on X.
This achievement marks a significant leap forward in our commitment to advancing financial inclusion across Pakistan.
With innovative wallet accounts for individuals, agents, and merchants, OneZapp is poised to revolutionize digital payments by offering secure, seamless solutions to underserved communities, empowering millions to actively engage in the digital economy.
At the core of this milestone is our dedication to empowering financial inclusion and delivering accessible digital payment solutions to underserved communities across Pakistan. We’re excited for the future and eager to continue innovating and expanding the digital ecosystem.
In the year 2019, State Bank of Pakistan, with the objective to promote digital payments, foster innovation in payments industry, increase financial inclusion in the country and provide Regulatory framework to non-banking entities in payments landscape, issued Regulations for Electronic Money Institutions (EMIs) under the powers conferred on it by Payment Systems and Electronic Fund Transfers Act, 2007.
The EMIs are entities that offer innovative, user-friendly and cost effective low value digital payment instruments like wallets, prepaid cards, and contactless payment instruments. e-money has played a crucial role in digitizing different types of payments in various countries. The EMIs in Pakistan are expected to offer interoperable and secure digital payment products and services to end users.
Under the Regulations, Prospective EMI applicants are granted EMI license in three stages viz In-Principle approval, approval for Commencement of Pilot Operations and the Final Approval i.e. License.
Following list shows the details of EMIs licensed by SBP under the Regulations for EMIs.
