Karachi October 23 2023: The State Bank of Pakistan (SBP) on October 23, 2023 has advised M/s CMPECC (Pvt) Ltd, currently in ‘Commercial stage’ under Regulations for Electronic Money Institutions (EMIs), operating under brand name of PayMax, to refund all outstanding funds to its e-money wallet holders immediately but not later than 15 days of the issuance of the aforementioned letter (dated October 23, 2023).
It is pertinent to mention that the liability of returning customers’ funds rests with M/s CMPECC under Regulations for EMIs.
This action has been taken after receipt of M/s CMPECC’s request for closure of its e-money business and request for withdrawal of e-money license under the Regulations for EMIs. It may be noted that EMI licenses are issued by SBP to non-bank entities in three stages i.e. In-Principle Approval, Pilot Operations Approval and Commercial Operations Approval. Further, instructions on revocation of license of M/s CMPECC, under Regulations for EMIs would be issued separately by the SBP.
