In order to foster innovation in the payments industry and promote financial inclusion in the country, it has been decided to license non-banking entities as E-Money Institutions (EMIs) as per the attached Regulations under the powers conferred on State Bank of Pakistan (SBP) by Payment Systems and Electronic Fund Transfers Act, 2007.
2. These Regulations will remove entry barriers and provide level playing field to EMIs in payment’s arena which will eventually lead to the development of payments ecosystem in Pakistan. SBP therefore expects that the prospective EMIs shall offer convenient, cost effective, interoperable and secure digital payment products and services to end users in the country.
3. These Regulations shall come into force with immediate effect.
Enclosure: Regulations for Electronic Money Institutions
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