Many Pakistanis were surprised when funds received in their branchless banking wallets could not be used right away due to a newly imposed two-hour “cooling period” aimed at curbing fraud.
The State Bank of Pakistan (SBP) clarified that while digital transfers are credited instantly, withdrawals, mobile top-ups, and online payments from these wallets are held for two hours. This measure, introduced in mid-2023, is meant to enhance customer protection by reducing the risk of unauthorized use.
SBP explained that since branchless banking accounts have lighter verification checks, they are more vulnerable to fraud. The delay allows users time to detect and report suspicious transactions before the funds can be accessed. Officials added that the policy has already shown positive results, giving customers greater security and control over their money
In great development in Pakistan, SBP Confirms Cryptocurrencies Are Not Banned
