JazzCash, a mobile wallet and branchless banking services provider in Pakistan, has introduced additional fees for cash deposits made through its agents. The company announced this change on its website, stating that cash deposits ranging from Rs. 50 to Rs. 20,000 will now incur a fee of 0.50 percent plus the Federal Excise Duty (FED). For cash deposits exceeding Rs. 20,000, a fixed fee of Rs. 100 plus FED will be applicable.
These transaction charges on cash deposits are only applicable at physical points such as franchises, retailers, and experience centers.
A spokesperson for JazzCash informed the local media that the State Bank of Pakistan (SBP) issued a circular on May 12, 2023, which mandated a charge of 0.5% of the transaction amount or PKR 100, whichever is lower, for cash deposits into M-wallets. The company had informed customers about this change in advance through the JazzCash website, and retailers were also notified via SMS.
In simple terms, JazzCash has implemented additional fees for cash deposits made through their agents in compliance with the State Bank of Pakistan’s regulations.
