SBP has granted a license to Cerisma Pvt Limited, a subsidiary of PSO, to establish an Electronic Money Institution (EMI).
Cerisma will leverage its extensive network of retail outlets and expertise in corporate fund flow management to build a robust digital ecosystem. The company aims to offer e-money wallets for both consumers and merchants.
PSO’s entry into the fintech sector through Cerisma reflects its commitment to expanding its business and meeting evolving customer needs. The company’s decision to launch an EMI comes after previous attempts to enter the branchless banking market and explore potential partnerships with other financial institutions.
The addition of Cerisma to the fintech landscape will increase competition among market players. However, success in the industry will depend on the leadership and strategic direction of Cerisma and its parent company, PSO.
Fintech operators in Pakistan face intense competition from traditional banks and other financial institutions. Several operators have already exited the market, and others may follow suit.
