ISLAMABAD: Digital banking and wallet customers in Pakistan could face interruptions in service from today as the central bank implements new rules mandating the mandatory biometric authentication of all accounts and wallets, such as JazzCash and Easypaisa.
Under the latest update, all banks, digital banks, microfinance organizations, and mobile wallet operators are now required to make biometric verification mandatory for all account and wallet holders. Customers were given a 60-day window to get the process done, but that grace period is now over.
Millions of account holders may suddenly be locked out of accessing funds, sending money, or receiving remittances, including foreign currency and Roshan Digital Account users.
The central bank brought about these guidelines to strengthen Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) measures, and every financial institution had three months to adapt. The revised Consolidated Customer Onboarding Framework now mandates biometric verification prior to account activation, no exceptions.
This implies that anyone who uses CNIC, NICOP, POC, ARC, or POR documents must go through verification forthwith, lest they risk being locked out of their accounts.
With mobile wallets and digital banking going through the roof in Pakistan, this blanket regulation is a big move towards security, but one fraught with a short deadline likely to bring widespread disruption. Experts are warning all users to hurry or risk being severed from their own funds.
