KARACHI: The State Bank of Pakistan (SBP) on Monday has advised M/s CMPECC (Pvt) Ltd, to refund all outstanding funds to its e-money wallet holders in 15 days.

M/s CMPECC (Pvt) Ltd is currently at ‘commercial stage’ under Regulations for Electronic Money Institutions (EMIs).

As the company has made request for closure of e-money business, the State Bank on October 23, 2023 has advised the company to refund all outstanding funds to its e-money wallet holders immediately but not later than 15 days.

It is pertinent to mention that the liability of returning customers’ funds rests with M/s CMPECC under Regulations for EMIs.

This action has been taken after receipt of M/s CMPECC’s request for closure of its e-money business and request for withdrawal of e-money license under the Regulations for EMIs.

The EMI licenses are issued by SBP to non-bank entities in three stages, ie, In-Principle Approval, Pilot Operations Approval and Commercial Operations Approval.

Further, instructions on revocation of license of M/s CMPECC, under Regulations for EMIs would be issued separately by the SBP.

Copyright Business Recorder, 2023