Pakistan’s State Bank granted NayaPay an in-principle permission to function as an Electronic Money Institution (EMI) in Pakistan, a company-issued media release said Monday.
According to the press release, the authorization will allow the business to “start the pilot stage of operations in a regulated setting and pursue permission under the oversight of the SBP for the commercial launch of its facilities.”
Customers will be prepared to open e-money accounts with NayaPay as well as perform digital operations that are “hassle-free.” Users will also be prepared to borrow money as well as settle bills through the NayaPay app and the related debit card, which will be applicable at any ATM. Using a safe EMVCo, customers can also move cash via mobile. QR code.
“NayaPay places 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,” the press statement read.
“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,” NayaPay Chief Executive Officer Danish A. Lakhani was quoted as saying by the press release. “As a home-grown platform, NayaPay will continue to drive innovation and iterate to best address specific pain points of local users and businesses while strictly following international AML and CFT guidelines.”