Karachi, The State Bank of Pakistan (SBP) has issued instructions to M/s CMPECC (Pvt.) Ltd., an Electronic Money Institution (EMI) currently in its ‘Commercial stage’, to promptly reimburse all outstanding funds to its e-money wallet users. The institution has a tight timeframe of no more than 15 days from the issuance of the directive, dated October 23, 2023, to complete this task.

According to a new release by the State Bank of Pakistan, the obligation to repay customers’ funds squarely falls on M/s CMPECC, as outlined under the Regulations for EMIs. This move by the SBP follows the receipt of a formal request from M/s CMPECC to terminate its e-money business and to rescind its e-money license under the stipulated regulations.

The public should be aware that the SBP grants EMI licenses to non-bank organizations through a structured three-phase process: Initial Approval, Pilot Operations Approval, and Commercial Operations Approval. Moreover, a distinct set of directives regarding the annulment of M/s CMPECC’s license, in line with the Regulations for EMIs, will be subsequently released by the SBP.