The Central Bank of Kuwait has identified a technical loophole allowing some customers to exceed the approved daily limits of the Wamd service, which enables instant, free money transfers between banks 24/7 via mobile numbers. The violations occur despite all banks adhering to regulatory instructions and transaction ceilings.
Audits revealed that certain users bypass the limits by canceling and reactivating their Wamd or mobile banking subscriptions, temporarily resetting their daily limits and enabling transfers beyond the approved ceilings.
In response, the Central Bank has instructed participating banks to adjust Wamd system settings to prevent limit breaches, ensure a return to daily thresholds, and halt transfers that exceed approved limits. Additionally, banks recently extended the refund period for mistaken transfers from one day to seven days, bolstering consumer protection and confidence.
The latest data indicates that Wamd handled approximately 3.6 billion dinars in transactions during the first half of 2025, with second-quarter transfers rising 24.8% to 2 billion dinars. The service continues to attract users as local consumers increasingly shift from traditional cash and card payments to instant e-finance platforms.
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