State Bank of Pakistan Granted YAP an EMI License

 YAP Received State Bank Approval for an EMI License

YAP, a Dubai-based fintech company that is advancing digital banking throughout South Asia, Africa and Middle East has received an IPA (in-principle approval) for an EMI (Electronic Money Institute) license. Since its inception in 2018, it has grown to nine countries, including Morocco, Nigeria, Egypt, South Africa and recently Pakistan. YAP expects to receive pilot certification to function as an Electronic Money Institute by July of 2022, followed by commercial launch approval by the end of this year.

Facilities for YAP Users

After signing up, users would receive a digital account, an IBAN, a PayPak card and a YAP MasterCard debit card, as well as an app that provides users with bill payment services, funds transfer, spending analytics, and real-time purchase notifications, and also the ability to generate virtual cards for e-shopping.


YAP is trying to address the issues that consumers face while sending money abroad. ‘Pakistan is rated 6th among the top ten recipient countries of employee remittances internationally, with a total of 11.2 billion dollars transmitted from the GCC to Pakistan from July 2021 to February 2022.’

The company is glad to offer products for women, agri, and households as well as YAP Young, a feature for kids. The company will also offer expense management and payroll tools on the application for business. The YAP Pakistan application has also been entirely customized to cater to a hyperlocal audience, with an Urdu version.

Announcements by Company’s Management

YAP Pakistan CEO Meharyab Niazi said that we are going to introduce the same application in Pakistan. And our product will be completed by mid-June of 2022 and will be available by the end of this year. 

According to Niazi, YAP Pakistan is focusing on growing financial services beyond Islamabad, Lahore, and Karachi. “We envision our niche in eighteen to twenty cities where financial services expansion is cost-effective,” he says.

“We want to give our users with flexible and simple remittance products, as well as an attractive variety of products that suit to all sections of the Pakistani population.” YAP’s nationwide launch aims to “accelerate financial accessibility and innovation,’ according to Anas Zaidan, the company’s founder and managing director.

Steps for using Application

  1. Download the YAP application
  2. Create account
  3. App will give you an IBAN
  4. App will deliver you a card
  5. Start using the app
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