KARACHI: Careem Pay, a fin-tech affiliate of ride-hailing company Careem, has received in-principle approval from the State Bank of Pakistan (SBP) for the licence of an electronic money institution (EMI), a press release by the private company said on Wednesday.

The licence will enable Careem Pay to offer e-wallet and payment services to its nine million-plus customers, 800,000 captains and 3,000-plus merchants in Pakistan.

It plans to invest $50 million to leapfrog the fin-tech ecosystem in Pakis­tan, the statement said.

Published in Dawn, March 31st, 2022