Branchless Banking Regulations (consumer protection-related)


(enacted in 2008)

Branchless Banking Regulations (BBR) issued by the State Bank of Pakistan (SBP) require that financial institutions publish their schedule of charges on a quarterly basis (which can only be changed at these times). Financial institutions are also required to disclose the charges at all their branches and agent locations and on their websites. Banks are also held liable for “acts of omission and commission of the agent,” and such liability must be clearly indicated in customer agreements. The BBR highlight the importance of customer awareness as a defense against fraud, identity theft, and security breach, and suggest that a customer awareness program cover, at a minimum, the usage of branchless banking accounts, protection against fraud, and SIM/account blocking procedures in case a phone is lost or stolen.