Electronic Money Institutions (EMIs) are non-bank entities licensed by the State Bank of Pakistan (SBP) to issue digital money and provide electronic financial services. EMIs aim to promote digital financial inclusion by offering e-wallets, prepaid cards, contactless payments, and low-cost digital transactions for consumers and businesses.
Key EMIs Operating in Pakistan
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Commercial Operations (late 2024/early 2025):
NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, E-Processing Systems (EPSPL), Wemsol -
Pilot Operations: HubPay
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In-Principle Approval: YAP, Cerisma, Toko Lab
Services Offered by EMIs
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Digital wallets on smartphones
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Digital accounts with Visa/Mastercard debit cards
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QR code payments and merchant checkouts
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Easy fund transfers, bill payments, and low-value digital transactions
Role of the State Bank of Pakistan (SBP)
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Introduced EMI regulations in 2019 to foster innovation and financial inclusion
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Grants licenses in stages: In-Principle → Pilot → Full License
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Monitors EMIs to ensure secure, reliable digital payment products
Impact on Pakistan’s Digital Economy
EMIs are becoming key drivers of Pakistan’s digital economy, increasing wallet usage, card issuance, and digital transaction volumes. They help make financial services accessible to the unbanked and underbanked population, supporting the growth of a cashless, digital payment ecosystem.
