Check If a Wallet or Payment App Is SBP Licensed in Pakistan Before You Deposit

To check if a wallet or payment app is licensed in Pakistan, open the State Bank of Pakistan's EMIs and PSO/PSPs page and read its List of Licensed EMIs. On 2 September 2026 it named 7 wallet companies in full commercial operation, including NayaPay, SadaPay and YAP. JazzCash and Easypaisa are not on that list because they are run by banks, which SBP lists separately.

A wallet app asks you to hand it your money. So the first question is simple: is the company allowed to hold it? The answer is on the State Bank's own website, in three short lists. Most people never open them, and fake "investment wallets" count on that.

We read all three lists on 9 October 2026 and matched the apps people in Pakistan use most to the company that holds the licence. Here is how to do the same check for any app in about five minutes.

Where the State Bank lists licensed wallets and payment firms

SBP publishes two PDF lists on its EMIs and PSO/PSPs page: Licensed Electronic Money Institutions, and Authorised Payment System Operators and Payment Service Providers. Banks and microfinance banks sit in a third place, the SBP Regulated Institutions directory. Any real wallet in Pakistan traces back to one of these.

An Electronic Money Institution, or EMI, is a company that is not a bank but may issue e-money, wallets and prepaid cards. A Payment System Operator or Service Provider runs the pipes, such as payment gateways, switches and clearing houses. A bank or microfinance bank may run its own wallet under a branchless banking permission.

The 7 wallet firms in commercial operation

SBP's EMI list, last updated on 2 September 2026, shows 7 companies cleared for full commercial operation. They are NayaPay, Finja (app OPay), SadaPay, Akhtar Fuiou Technologies (app Digitt+), E-Processing Systems (app OneZapp), Wemsol (app Keenu) and YAP Pakistan.

The same list shows 3 firms in pilot operations, HubPay, Cerisma and Toko Lab, with the apps Hubpay, Payvay and Rupin. Two more, PaySa Technologies and Barq Fintech, hold only an in-principle approval and their apps are "under development". A pilot is a limited trial, not a full licence.

The list also has a section people skip: revoked, suspended and withdrawn. SBP revoked the commercial licence of CMPECC (Pvt.) Ltd. on 10 July 2024, and revoked TAG Innovation's pilot licence on 7 October 2022. Careem Payment Solutions and Checkout had their in-principle approvals withdrawn in 2023. A firm in that section cannot point to its old approval.

Being on the list is not a guarantee. SBP's own note says the list "shall not be construed as an endorsement" of a firm's business model or finances. It tells you the firm is allowed to operate, nothing more. For a wallet you already use, the fee and limit detail is in NayaPay's limits and charges or SadaPay's limits and charges.

JazzCash and Easypaisa are licensed as banks, not wallets

JazzCash and Easypaisa do not appear on the EMI list because banks run them. JazzCash's terms name Mobilink Microfinance Bank Limited, which SBP lists as a microfinance bank with branchless banking permission. Easypaisa is run by easypaisa Digital Bank Ltd, which SBP lists under commercial banks.

This matters when you complain. A complaint about JazzCash goes first to Mobilink Microfinance Bank, and one about Easypaisa to easypaisa Digital Bank, before SBP's Sunwai portal. SBP's directory gives each bank's complaint cell, phone and email.

The same commercial bank list now carries two other digital banks: Mashreq Bank Pakistan and Raqami Islamic Digital Bank. How these differ from wallets is set out in digital banks in Pakistan.

Check any app in 5 steps

Find the company name behind the app, then look for that exact name on the right SBP list. The app name and the company name are often different, so the company name in the app's terms or footer is what you match. If it is on none of the lists, do not deposit money.

1. Open the app's terms and conditions or website footer and note the full company name, ending in Ltd. or (Pvt.) Ltd.
2. On sbp.org.pk, go to Our Operations, Digital Financial Services, then EMIs and PSO/PSPs.
3. Open the List of Licensed EMIs and look for that company. Note whether it says commercial operations, pilot, or revoked.
4. If it is not there, check the PSO/PSP list, then the Commercial Banks and Microfinance Banks pages under SBP Regulated Institutions.
5. Check the date at the top of the PDF. If the app was approved recently, it may not be on an old copy.

Loan apps are a different regulator. Lending apps in Pakistan are licensed by SECP, not SBP, and the way to check if a lending app is SECP licensed uses SECP's own list.

Warning signs that an app is not a real wallet

A real wallet does not promise a fixed daily profit on your balance. An app that pays "returns" for depositing, asks you to recruit others, or takes deposits only into a person's JazzCash or bank account is not acting like a licensed EMI. Check the list before you send anything.

• It promises daily or weekly profit just for keeping money in it.
• It asks you to send money to a personal account number, not to your own wallet in the app.
• You cannot find a registered company name anywhere in the app.
• The company name it gives is not on any SBP list, or sits in the revoked section.

If you have already lost money to such an app, report it to the National Cyber Crime Investigation Agency. The steps to report a cybercrime in Pakistan start with saving every transaction ID.

Common questions

How do I know if a wallet app is licensed in Pakistan?

Find the company name in the app's terms, then look for it on SBP's List of Licensed EMIs, or on SBP's bank and microfinance bank lists.

Is SadaPay licensed by the State Bank of Pakistan?

Yes. SadaPay (Pvt.) Ltd. is on SBP's list of EMIs in commercial operations, updated on 2 September 2026.

Why is JazzCash not on the EMI list?

Because a bank runs it. JazzCash's terms name Mobilink Microfinance Bank Limited, which SBP lists as a microfinance bank with branchless banking permission.

Who licenses Easypaisa now?

The State Bank. Easypaisa is run by easypaisa Digital Bank Ltd, which SBP lists under commercial banks.

Does being on the SBP list mean an app is safe?

No. SBP says the list is not an endorsement of a firm's business or finances. It only shows the firm may operate.

Who licenses loan apps in Pakistan?

SECP, not the State Bank. Check a lending app on SECP's list of licensed lenders before you borrow.

How we verified this

What we checked, where we read it, and what we could not confirm.

Last checked on 9 October 2026, Pakistan time. We read the State Bank's EMIs and PSO/PSPs page and both PDF lists on it, each marked last updated 2 September 2026, plus SBP's Commercial Banks and Microfinance Banks directories and JazzCash's terms and conditions. We did not open an account with any app named here.