SBP Clarifies Two-Hour Cooling Period for Wallets

The State Bank of Pakistan (SBP) has issued a clarification regarding the two-hour cooling period for digital fund transfers, addressing recent social media discussions.

The SBP stated that all digital fund transfers are processed in real time, with beneficiaries receiving funds almost instantly. However, the two-hour cooling period applies exclusively to cash-outs or usage of funds received in branchless banking wallets and accounts. While funds are credited immediately to these wallets, customers can only perform cash withdrawals, online purchases, or mobile top-ups after the two-hour window.

Introduced in April 2023 as part of customer due diligence requirements, this measure targets the elevated risk of fraudulent transactions in branchless banking accounts. The cooling period allows customers sufficient time to report any unauthorized activity to their banks.

The central bank emphasized that these instructions, effective for over two and a half years, have proven highly effective, serving as a robust safeguard against fraud.