The State Bank of Pakistan (SBP) has directed banks not to charge customers any subscription, monthly, or activation fees for providing internet and mobile banking services in order to encourage digitisation in the banking sector.
Bill transfers, funds transfer/interbank fund transfer, beneficiary management, limit management, credit and debit card management, and stop cheque payment are among the services that the central bank has directed all banks to provide to all customers through internet and mobile banking channels.
“To enable customers to use internet and mobile banking services, banks will not charge customers any activation, payment, or annual fees for using such services,” the SBP said in a statement.
It’s worth remembering that, as of March 20, banks have waived all fees for customers who use online fund transfer services, including intra- and interbank transfers (IBFT).
According to the SBP, the digitization of the entire payment process is being hampered by bank policies that limit customers’ ability to pay only those billers who are registered with their bank.
