OneZapp Receives SBP Approval: A Game-Changer for Digital Payments in Pakistan

In a significant development, OneZapp, a subsidiary of Systems Limited, Pakistan’s largest listed technology company received the State Bank of Pakistan’s (SBP) final approval to initiate operations as an Electronic Money Institute (EMI). It is a major milestone in Pakistan’s financial technology landscape, positioning OneZapp as a game-changer for digital payments.

Systems Limited announced the news on social media, expressing excitement about this achievement. Moreover, the company highlighted its commitment to proffering financial inclusion across Pakistan. OneZapp aims to provide innovative wallet solutions for individuals, merchants, and agents. It will offer secure and user-friendly digital payment options. Furthermore, these solutions will empower underserved communities, allowing millions to participate in the digital economy.

The SBP introduced EMI regulations in 2019 under the Payment Systems and Electronic Fund Transfers Act, of 2007, to promote innovation in the financial sector. These regulations allow non-banking entities to offer cost-effective digital payment methods like e-wallets, prepaid cards, and contactless payment options. The EMI approval process involves three stages: in-principle approval, commencement of pilot operations, and final approval for commercial operations. OneZapp will have to go through the same process. After completion, it will be ready to offer commercial services.

Introducing OneZapp aligns with Pakistan’s broader efforts to digitize its economy and boost financial inclusion. By leveraging Systems Limited’s expertise, OneZapp will provide interoperable and secure payment solutions. Moreover, it will address gaps in the accessibility and affordability of financial services. This approval is not just a win for OneZapp but, a step forward for Pakistan’s digital transformation. EMI aims to drive innovation, reduce dependence on cash transactions, and strengthen the digital ecosystem with the backing of Pakistan’s largest listed tech firm, Systems Limited.

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