State Bank grants approval to NayaPay to operate as EMI

The State Bank of Pakistan has granted an in-principle approval to NayaPay to operate as an Electronic Money Institution (EMI) in Pakistan. The approval will enable the company to “commence pilot phase of transactions in a controlled environment and under the SBP’s supervision to seek approval for the commercial launch of its services”. With NayaPay, customers will be able to open e-money accounts.

Users will also be able to withdraw cash through the NayaPay app and the associated debit card, which will be acceptable at any ATM, as well as pay bills and carry out “hassle-free” digital transactions.

Source: Dawn