NayaPay gets SBP in-principle approval to operate as EMI

NayaPay to enable citizens to open e-money accounts for digital payments

KARACHI: The State Bank of Pakistan issued an in-principal approval to NayaPay Pvt Ltd to operate as an Electronic Money Institution (EMI) in the country.

In a statement issued on Monday said NayaPay will enable local citizens to open e-money accounts and make ‘hassle-free’ digital payments.

According to NayaPay, the in-principle approval allows the company to initiate a pilot phase of transactions in a controlled environment under the supervision of the central bank “to seek approval for the commercial launch of its services".

“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,” reads the press release.

The funds can be accessed by users through the NayaPay app and the associated debit card. “The users will also be able to pay NayaPay merchants instantly from their mobile phones using secure EMVCo. QR codes,” it added.

“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 NayaPay CEO Danish A Lakhani.

“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."