The digital banking services across Pakistan have been disturbed by the new rule by the State Bank of Pakistan, as millions of JazzCash and Easypaisa account users are enduring hardships. The central bank mandated biometric verification for all account and wallet holders and tightened compliance from today.
All banks, digital banks, microfinance institutions, and mobile wallet providers will now be required to undertake biometric verification of their customers under the revised regime. The grace period was earlier set at 60 days by the State Bank of Pakistan (SBP), but that deadline has now expired, and unverified users could be blocked from accessing funds.
The move may temporarily hinder millions of people who depend on platforms like JazzCash, Easypaisa, and other digital wallets to send or receive money, pay bills, or access remittances such as Roshan Digital Accounts.
This move is in continuation of SBP’s approach to update AML/CFT regulations further. Now, under the revised Consolidated Customer On-boarding Framework, biometric verification will be made mandatory for activation of an account without any exception for customers submitting their CNIC/NICOP/POC/ARC/POR.
According to the financial experts, the new SBP rule tightens financial security while potentially setting off short-term disruptions because of a limited grace period for compliance. In a fast-spread digital payments and mobile wallets culture emerging in Pakistan, this overarching regulation will affect consumers nationwide.
Bank customers need to ensure that they do their biometric enrolments as soon as possible to avoid being cut off from their money or transaction services. The decision is an important move toward a safer financial system, but it has alarmed Pakistan’s rapidly expanding pool of digital banking customers, who worry about whether they are prepared to comply.
