KARACHI: Taking a major step forward in digitally transforming the economy, the State Bank of Pakistan given in-principle approval to NayaPay, a private financial enterprise, to operate as an Electronic Money Institution (EMI), the company announced on Monday.
As an EMI, NayaPay will enable Pakistanis to open e-money accounts and make hassle-free digital payments to each other and to businesses.
NayaPay claims to place great emphasis on customer convenience and has partnered with leading banks and other aggregators to facilitate users with multiple avenues for cash withdrawal, loading and bill payment.
Users will have ready access to their funds through the NayaPay app and associated debit card, accepted at any ATM across Pakistan. They will also be able to pay NayaPay merchants instantly from their mobile phones using secure QR codes.
“E-Money will make financial services simpler, more convenient and accessible to the Pakistani user – the needs of whom have been overlooked for far too long,” said Danish A. Lakhani, CEO, NayaPay. “As a home-grown platform, NayaPay will continue to drive innovation … while strictly following international AML [anti-money laundering] and CFT [combating financing terrorism] guidelines."
The in-principle approval, subject to terms and conditions mentioned therein, allows NayaPay to commence the pilot phase of transactions in a controlled environment and under the SBP’s supervision to seek approval for the commercial launch of its services.
