KARACHI: Keenu, a leading fintech firm in Pakistan, has received regulatory approval from the State Bank of Pakistan (SBP) to commence commercial operations as an electronic money institution (EMI), said a statement on Tuesday.

“The EMI licence 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, which operates under the Keenu brand. “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.”

Pakistan has seen rapid growth in digital payments over the past five years, with EMIs playing a critical role in the shift. In just two and a half years of operations, EMIs have opened 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 year-on-year growth of 110 per cent in volume and 152 per cent in value.

Keenu, launched in 2013, operates in over 150 cities and offers services including payment gateways, point-of-sale (POS) acquiring, and mobile wallets. “We have only scratched the surface so far, and the industry is on the verge of disruption, thanks to a progressive regulatory environment,” Niazi added. With Pakistan’s instant payment system Raast enabling person-to-merchant transactions, Keenu aims to play a key role in accelerating digital adoption, the statement said. The company is also exploring expansion beyond Pakistan, particularly in the Middle East and North America.