IBFT stands for Inter Bank Fund Transfer, which is a service that allows customers to transfer funds from their bank account to any other bank account of the beneficiary. IBFT charges refer to the fees that banks or other financial institutions may charge for providing this service. The State Bank of Pakistan (SBP) announced on June 16, 2021, that banks and other service providers are allowed to charge a minimal fee on high-value transactions while protecting and encouraging the low-income segments of the population to continue using digital transactions free of cost. The new instructions allow banks to provide free of cost digital fund transfer services to individual customers up to, at least, a minimum aggregate sending limit of Rs25,000 per month per account/wallet. For transactions above the aggregate limit of Rs25,000 per account in a month, banks may charge individual customers a transaction fee of no more than 0.1 percent of the transaction amount or Rs200, whichever is lower. The IBFT became free of charge at the end of the January-March 2020 quarter, and since then, the IBFT has shown an unparalleled rise in three quarters in terms of the number of transactions and funds transferred.