The State Bank of Pakistan (SBP) has issued new directives to banks and microfinance banks (MFBs) to bolster the security of financial transactions conducted through mobile apps and internet banking portals. The central bank has mandated the replacement of one-time passwords (OTPs) sent via SMS with Transaction PIN (TPIN) or Financial PIN (FPIN) functionality by […]
Karachi: The State Bank of Pakistan (SBP) has officially revoked the license of Al-Hameed International Money Exchange (Private) Limited under the provisions of the Foreign Exchange Regulations Act, 1947. In a statement issued on [insert date], the central bank cited multiple contraventions of applicable laws and SBP regulations as the basis for this decisive action. […]
In a significant move to enhance Pakistan’s digital payments landscape, OPay Pakistan (OPaisa) has entered a multi-million-dollar strategic partnership with Faysal Bank Limited, a leading Islamic Bank in the country. This collaboration aims to empower businesses of all sizes—small, medium, and large—to seamlessly adopt digital payment solutions, advancing the nation’s journey towards a cashless economy. […]
ACE Money Transfer, a global leader in the remittance industry, has been recognised by the State Bank of Pakistan (SBP) with a prestigious award for being the Fourth Largest Global Fintech by Remittance Volumes to Pakistan, reaffirming its position as a key driver of Pakistan’s remittance sectors. The award was presented at the 4th Pakistan […]
Karachi, November 29, 2024: The 9th Pakistan Banking Awards ceremony, held at a local hotel in Karachi, brought together senior executives and prominent figures from Pakistan’s banking and finance industry. The event was graced by the Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, who served as the Chief Guest. In his address, […]
The State Bank of Pakistan (SBP) has issued a directive requiring banks and financial institutions to integrate the RAAST payment system into e-commerce platforms and online shopping stores by March 31, 2025. The initiative aims to accelerate the digitization of merchant and business transactions across Pakistan. According to the SBP circular, banks must ensure that […]
KARACHI: Samar Hasnain, Executive Director of the State Bank of Pakistan (SBP), underscored the transformative potential of Islamic economics and finance as a comprehensive framework for ethical, sustainable, and socially responsible economic development. He was speaking at the 13th Islamic Banking & Finance Conference, organized by The Professionals Network, with the theme “From Practice to […]
In a significant development, Bank Alfalah Limited (BAFL) has decided to unilaterally withdraw its 5 percent monthly fee on month-end balances exceeding Rs. 5 billion, effective immediately. The decision comes following customer feedback and recent reviews of its fee structure. Previously, BAFL had amended its Schedule of Charges on November 12, 2024, to introduce this […]
Karachi: The State Bank of Pakistan (SBP) has introduced a new directive requiring Islamic Banking Institutions (IBIs) to offer a minimum profit rate on PKR saving deposits, effective January 1, 2025. This regulation, designed to ensure fair returns for depositors, mandates IBIs to pay at least 75% of the weighted average gross yield of all […]
Islamabad, Pakistan – OPay International PTE. LTD. (OPay), a leading global fintech platform, has successfully acquired Finja Private Limited, a licensed Electronic Money Institution (EMI) in Pakistan, from its parent company, Finja, Inc. (Delaware). This landmark acquisition signals OPay’s entry into the dynamic Pakistani fintech market, reflecting its commitment to driving financial inclusion and innovation […]