E-money wallet holders: SBP tells CMPECC to refund outstanding funds in 15 days
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
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