Silver City — The State Bank of Pakistan has clarified why customers face a two-hour waiting period before accessing funds transferred to their branchless banking wallets, emphasizing that the security measure is designed to protect users from fraud.
Implemented in April 2023, the cooling-off period specifically affects branchless banking wallets and accounts. While digital fund transfers across Pakistan are processed instantly and credited in real time, users receiving money in branchless wallets must wait two hours before they can withdraw cash, purchase mobile top-ups, or make online payments.
Why the Delay Exists
The central bank explained that branchless wallets operate with simpler verification procedures and less stringent account-opening requirements than traditional bank accounts. This accessibility, while promoting financial inclusion, also creates greater exposure to fraudulent activities.
The two-hour window serves as a protective buffer, allowing customers adequate time to identify and report any suspicious or unauthorized transactions before funds can be withdrawn or spent by fraudsters.
Positive Impact on Security
According to the SBP, the policy has already demonstrated encouraging results in fraud prevention, giving users greater control and confidence in managing their digital funds. The measure represents a strategic balance between accessibility and security in Pakistan’s expanding branchless banking sector.
This initiative is part of the central bank’s wider commitment to advancing financial inclusion throughout Pakistan while ensuring robust security protections for digital banking customers.
