In order to promote digitization in the banking sector, 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.
The central bank has directed all banks to provide bill transfers, funds transfer/interbank fund transfer, beneficiary management, limit management, credit and debit card management, and stop cheque payment to all customers through internet and mobile banking channels.
The SBP said in a statement that “to allow customers to use internet and mobile banking services, banks will not charge customers any activation, payment, or annual fees for using such services.”
It’s worth noting that, as of March 20, all fees for customers who use online fund transfer services, including intra- and interbank transfers, have been waived by banks (IBFT).
According to the SBP, bank policies that restrict customers’ right to pay only those billers who are registered with their bank are impeding the digitization of the entire payment process.