Keenu Gets EMI Commercial Licence, Plans to Roll Out Merchant Wallets

Keenu, a leading Fintech of Pakistan, has received the approval from the State Bank of Pakistan to commence commercial operations as an Electronic Money Institution. With this green light, the fintech company will expand its e-money wallet and payment gateway services to both consumers and merchants.

“The EMI license allows us to play a pivotal role in SBP’s National Financial Inclusion Strategy 2024-28. By leveraging our robust technology stack and deep understanding of local market needs acquired over a decade of operations, we aim to create an inclusive digital payments ecosystem that serves everyone from street vendors to large enterprises,” said Saad Niazi, the co-founder and CEO of Wemsol Ltd. 

In the last five years, Pakistan has witnessed an exponential growth in digital payments across all channels, from mobile banking to e-commerce. EMIs, in particular, have been instrumental in accelerating this trend, having opened more than 4.2 million wallets in just two and a half years of operations. During Q1-FY25, these digital wallets cumulatively processed 32.4 million transactions worth PKR 93.3B, rising by 110% and 152%, respectively, over the same period of the previous year. 

“Despite this progress, Pakistan’s economy remains largely cash-based with currency in circulation close to 10% of the gross domestic product. This presents a massive opportunity for digitalization of payments, particularly in the retail sector where annual point of sale throughput is just PKR 1.5 trillion. However, recent initiatives by the regulators have set the momentum for fintechs like Keenu to drive digital and financial inclusion across the country.”

Wemsol (Pvt) Ltd, which offers payment services under the brand name “Keenu”, was launched in 2013 and is currently present in over 150 cities. The company’s offerings include payment gateway, point-of-sale (POS) acquiring and mobile wallets etc. Two years ago, Saad Niazi along with his four co-founders acquired the ownership stake of Wemsol in a management buyout, setting the path for innovation and exponential growth. 

“We have only scratched the surface so far and the industry is at the cusp of a disruption, thanks to a progressive regulatory environment. With the launch of Raast person-to-merchant module, the rails for digitization have been set in place and we hope to play our part,” said Saad Niazi. The company is also looking to expand its footprint beyond Pakistan, particularly in the Middle East and North Americas.