The State Bank of Pakistan (SBP) has clarified the application of the two-hour cooling period for digital fund transfers following recent discussions on social media.
According to the SBP, all digital fund transfers are processed in real time, with beneficiaries receiving funds almost instantly. The two-hour cooling period applies only to the use or cash-out of funds received in branchless banking wallets and accounts. While funds in these wallets are credited immediately, customers can conduct cash-outs, online purchases, or mobile top-ups only after the two-hour period.
The SBP said the measure, introduced in April 2023 as part of customer due diligence requirements, addresses the higher risk of fraudulent transactions in branchless banking accounts. The cooling period provides customers sufficient time to report any unauthorized activity to their banks.
The central bank noted that the instructions, in place for over two and a half years, have worked effectively and served as a robust safeguard against fraud.
