Is there an option to generate API keys for users?

Yes, Admin's can manage API keys for users. Using this API key, eMAM RESTful API resources can be accessed using basic authentication. 
In the Admin Tools page, you have option to create API keys for users. Under Manage Users tab, edit the user profile to view the API Key tab.
Click on Create. This will display Key. 
Click on to display Secret key.
Click on  to copy the keys.
Click on to delete the keys.