Keenu, one of Pakistan’s leading fintech companies, has received regulatory approval from the State Bank of Pakistan (SBP) to begin commercial operations as an Electronic Money Institution (EMI). The approval, announced on Tuesday, marks a key milestone in Keenu’s mission to contribute to the country’s growing digital payments ecosystem.
With the new EMI license, Keenu is set to expand its role in Pakistan’s digital payments sector, offering electronic wallets and payment gateway solutions to both consumers and merchants.
“The EMI license allows us to play a pivotal role in the SBP’s National Financial Inclusion Strategy 2024-28,” said Saad Niazi, co-founder and CEO of Wemsol Ltd, the parent company of Keenu. “By leveraging our robust technology stack and deep understanding of local market needs, we aim to create an inclusive digital payments ecosystem that serves everyone from street vendors to large enterprises.”
A Growing Digital Payments Landscape
Over the past five years, Pakistan has experienced rapid growth in digital payments, with electronic money institutions (EMIs) playing an essential role. In just two and a half years, EMIs have helped open more than 4.2 million digital wallets. During the first quarter of FY25, these wallets processed 32.4 million transactions worth Rs93.3 billion, reflecting a significant year-on-year growth of 110 percent in volume and 152 percent in value.
Keenu, which launched in 2013, has already established a strong presence in over 150 cities across Pakistan. The company offers a range of digital payment services, including payment gateways, point-of-sale (POS) acquiring, and mobile wallets. Niazi highlighted that Keenu has only “scratched the surface” of what’s possible, adding, “The industry is on the verge of disruption, thanks to a progressive regulatory environment.”
Digital Payment Innovation and Expansion Plans
The approval comes at a time when Pakistan’s instant payment system, Raast, is enabling seamless person-to-merchant transactions. This system provides a strong foundation for Keenu to accelerate digital adoption across the country. In addition to its local success, Keenu is eyeing regional expansion, particularly in the Middle East and North America.
As one of six companies now licensed to operate as EMIs, Keenu is joining an emerging group of fintech players that are transforming the digital payment landscape.
Other licensed EMIs include NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, and E-Processing Systems. The central bank’s efforts to foster financial inclusion are evident in its expanding regulatory framework, which has enabled the rise of digital wallet solutions and payment gateways
One additional EMI, HubPay, is currently in pilot operations, while three others—YAP Pakistan, Cerisma, and Toko Lab—have been granted in-principle approval and are in the process of developing their infrastructure to begin pilot operations.
Strengthening Pakistan’s Digital Infrastructure
This new EMI license will further strengthen Pakistan’s digital payment infrastructure, ensuring that a wider range of consumers and businesses can access seamless, efficient, and secure payment solutions. Keenu’s services, including its digital wallet app, will enable users to make payments, send money, and even split bills, all while benefiting from enhanced user experience features such as loyalty rewards.
The State Bank of Pakistan has been instrumental in facilitating the growth of digital payments in the country. By granting licenses to EMIs like Keenu, SBP is positioning Pakistan as a leader in digital financial services, making it easier for both businesses and consumers to participate in the growing digital economy.