Wednesday July 17, 2024

Branchless banking operator explains levy

By Pr
June 03, 2023

ISLAMABAD: The Jazz spokesman has said that charges on banking transactions via JazzCash are regulated by the State Bank of Pakistan. Clarifying a news report published in The News and the Daily Jang, claiming JazzCash has imposed a new fee of Rs 5 on all transactions, the spokesman said that in a May 12 circular, the central bank provisioned a charge of 0.5% of the transaction amount (up to a maximum of PKR 100) on cash deposit transactions into mobile wallets for all branchless banking operators, including JazzCash.

JazzCash implemented the change on June 1, ensuring proper communication through its website and informed retailers via SMS prior to the implementation of this charge, the spokesman explained, adding it is important to note that no new fees were imposed on any other transactions as stated in the .—