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The Competition Commission of Pakistan (CCP) has granted approval to Bazaar Technologies (Private) Limited for the acquisition of 100% shareholding in Wemsol (Private) Limited. The application for pre-merger clearance was submitted by Bazaar Technologies in accordance with the Competition Act, 2010.
Wemsol offers POS and EMI services, while Bazaar Technologies is involved in the e-commerce sector. Wemsol is the operator of Keenu, a Pakistani fintech company that provides digital payment services to both consumers and enterprises. Keenu provides a digital wallet application that enables users to split expenses, transfer money, and make payments.
“The acquisition will be executed either directly by Bazaar Technologies or through its subsidiary, Beta Holding Private Limited (BHPL). The relevant product market for this transaction comprises Electronic Money Institution (EMI) services, Point of Sale (POS) terminals, and related services,” the CCP stated.
“The relevant geographic market has been defined as Pakistan, considering supply conditions and consumer preferences,” it added.
The proposed transaction is a conglomerate merger, as both entities have no horizontal or vertical overlaps, as stated in the statement.
“Given the distinct nature of their operations, the transaction is not expected to reduce competition in any relevant market.”
The CCP is required to assess mergers and acquisitions in order to prevent anti-competitive practices and excessive market concentration that could potentially impair consumer interests, as stipulated by the Competition Act of 2010.
Based on its assessment, the CCP concluded that the acquisition poses no competition concerns and has therefore granted its approval, ensuring compliance with regulatory standards while facilitating growth in Pakistan’s digital and e-commerce sectors.
