SBP Grants In-Principle Approval Of EMI License to YAP Pakistan

State Bank of Pakistan (SBP) has granted in-principle approval to YAP Pakistan for an Electronic Money Institution (EMI) license to launch E-money wallet service for consumers.

YAP is an international financial technology company with its Holding Office in UAE, and its subsidiaries in Middle East, Ghana and Pakistan.

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YAP Pakistan is geared up to launch YAP in Pakistan early next year with an array of exciting tools that offer financial intelligence and ease of transactions through the YAP mobile app and YAP debit card with national acceptance, vendor payments, all kinds of bill payments, spend analytics and real-time notifications.

The company provides a fully digitized platform providing services to all classes of professionals and non-professionals in handling their cash through a secure digital medium.

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SBP also granted permission to Careem Pay for launching an E-money wallet service in Pakistan also this year. Overall, there are 11 EMIs targeting the Pakistani market as of now, out of these four EMIs are fully operational offering services under E-money wallets including Finja, Nayapay, SadaTech, and CMPECC. Two operators were granted permission for the pilot projects including Wemsol and TAG Innovation whereas five operators received in-principle approval.

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