KARACHI: The State Bank of Pakistan on Sunday clarified that now-viral reports on social media about a two-hour delay on digital fund transfers are misleading.
It added that transfers continue to be settled in real time.
The regulator said the two-hour ‘cooling period’ applies only to money received in branchless banking wallets. While funds reach these wallets instantly, withdrawals, online purchases or mobile top-ups can only be made after two hours.
A couple of days back, a few posts by social media accounts insinuated that the SBP has mandated a two-hour cooling period for transfer of digital funds, leading to confusion among people.
In its latest statement, the SBP said that the cooling period was introduced in April 2023 for branchless banking to curb fraud. Branchless banking accounts, which often have simpler opening and verification processes, carry a greater risk of being exploited for illicit transactions, the bank said. The two-hour window allows customers time to flag suspicious transactions before the funds are cashed out.
The central bank said the cooling-period rule has been effective over the past two and a half years, serving as a strong safeguard against fraudulent activity.