KARACHI: The State Bank of Pakistan (SBP) has rejected viral social media reports claiming a two-hour delay on all digital fund transfers, calling them misleading.
In a statement, the SBP clarified that digital transfers are still processed in real time. The two-hour “cooling period” applies only to branchless banking wallets, such as mobile wallets.
According to the SBP, funds are transferred instantly to these wallets. However, users can only withdraw money, make online purchases, or recharge mobile balance after two hours.
The SBP explained that this rule was introduced in April 2023 to prevent fraud and illegal transactions. Since branchless banking accounts are easier to open and verify, they face a higher risk of being misused for suspicious activities.
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The two-hour window gives customers time to report any suspicious or unauthorized transactions before the money is withdrawn.
The central bank stressed that the rule has been in place for over two and a half years and has proven effective in protecting users from fraud.
