The State Bank of Pakistan (SBP) on October 23, 2023 has advised M/s CMPECC (Pvt) Ltd aka CMPak, which is owns Zong 4G, currently in ‘commercial stage’ under Regulations for Electronic Money Institutions (EMIs), to refund all outstanding funds to its e-money wallet holders immediately but not later than 15 days of the issuance of the aforementioned letter (dated October 23, 2023).
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 aka CMPak’s PayMax request for closure of its e-money business and request for withdrawal of e-money license under the Regulations for EMIs.
It may be noted that EMI licenses are issued by SBP to non-bank entities in three stages i.e. 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.
Read more: SBP Increases Retention Rate for IT Exporters and Freelancers.
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