The State Bank of Pakistan (SBP) has clarified that all digital fund transfers in the country are processed in real time, with beneficiaries receiving funds almost instantly.
The clarification comes after confusion on social media regarding a supposed 2-hour delay for all digital transfers.
According to the SBP, the 2-hour cooling period is not applied to the transfer of funds itself, but only to the usage or cash-out of funds received in branchless banking wallets or accounts. While funds are credited instantly to these wallets, customers can only withdraw cash, make online purchases, or top up their mobiles after a two-hour waiting period.
This policy was introduced in April 2023 to help prevent fraud, as branchless banking accounts have simpler customer verification requirements and are more vulnerable to misuse.
The SBP says the cooling period gives customers enough time to report any suspicious or unauthorized transactions.
The central bank added that these instructions, which have been in place for over two years, have proven effective in protecting customers and preventing fraudulent activity in digital banking.