The State Bank of Pakistan (SBP) has announced measures for the promotion of digital payments and Branchless Banking Operations to combat COVID-19 pandemic.
In order to minimize the risk of COVID-19 spread due to biometric verification and to promote digital payments, transaction limit for non-biometrically verified merchant accounts has been increased from Rs50,000 to Rs500,000 per month till September 30, 2020. Similarly, the maximum account balance of such merchant accounts has been increased to Rs500,000 per month till September 30, 2020.
In addition, banks/MFBs will maintain a list of these merchants and shall conduct biometric verification till September 30, 2020. In case of non-biometric verification of these merchants till September 30, 2020, transaction limit and maximum account balance will be reduced to Rs50,000 per month.
In another circular issued to Banks, in order to minimize the risk of COVID-19 spread due to biometric verifications and physical interactions of general public at agent locations, the Authorized Financial Institutions (AFIs) are advised that biometric verification requirement on legacy Branchless Banking Level "1" accounts is extended till September 30, 2020.
Branchless Banking customers can withdraw or deposit cash amount up to Rs25,000 per month from their Level "0" account without biometric verification till September 30, 2020.
Daily transaction limit of Branchless Banking Level "0" account is not applicable on payments to trusted merchants (such as schools, hospitals, utility companies, merchants etc.) till September 30, 2020.
AFIs may introduce Biometric Verification through their mobile application for on boarding new customers under Branchless Banking Level "1" account after complying with NADRA Security Standards.
AFIs will not charge their customer on fund transfer (Inter and Intra Bank Fund Transfer) from their Branchless Banking Wallet. However, two factor Authentications will be mandatory on all transactions including fund transfers and merchant payments through Branchless Banking accounts.
In order to ensure safety and hygiene measures during provision of Branchless Banking services, AFIs ensure that their agents wear masks during provision of Branchless Banking services and make available Liquid Soap and Sanitizers at all Biometric Touch Points.
AFIs should also educate beneficiaries to wash hands with soap and water or apply sanitizer during provision of Branchless Banking Services.
AFIs may onboard Branchless Banking agents through digital channels including portals or Apps ensuring that agent will be on boarded based on full-fledged KYC and all back-end verifications including verisys.
However, AFIs shall maintain database of these accounts and will conduct Biometric Verification and Business Location visit of these Agents through their authorized representatives till September 30, 2020. In case of non-compliance, the operations in these agents' accounts shall be terminated.
After September 30, 2020, Biometric Verification and Business Location visit of Agents will be mandatory prior to opening of these accounts.
Transaction limit of these Branchless Banking agents will be Rs500,000 per month prior to Biometric Verification and Business Location visit.