The Central Bank of Kuwait has instructed KNET to implement a structured penalty system for banks that fail to process customer transfers promptly via the WAMD instant payment platform. The directive forms part of a zero-tolerance policy on technical disruptions, according to a Times Kuwait Instagram post on May 18. The WAMD service, launched in 2024, enables real-time money transfers between accounts at different banks using mobile numbers.
The Times Kuwait report drew on informed sources to outline how the Central Bank of Kuwait now considers even minimal delays in WAMD executions unacceptable. KNET, the Automated Banking Services Company, will oversee the penalty framework targeting underperforming banks. This approach seeks to uphold standards in the nation’s digital banking sector as usage expands.
WAMD operates across participating Kuwaiti banks to support immediate account-to-account payments without traditional processing lags. The Central Bank of Kuwait has focused on digital payment infrastructure to align with broader economic modernization goals. Sources indicated the new measures will apply specifically to failures in meeting the platform’s real-time requirements.
KNET functions as the central operator for many electronic banking services in Kuwait, including networks that facilitate both card payments and instant transfers. The penalty system will provide a formal mechanism to address repeated technical shortcomings by individual institutions. Details on the exact penalty structure or implementation timeline were not specified in the May 18 report.
The Central Bank of Kuwait has progressively strengthened oversight of digital financial services since the introduction of platforms like WAMD. Similar regulatory emphasis on reliability appears in instant payment systems across the GCC region to build user confidence. Banks must now ensure their internal systems consistently meet the zero-tolerance benchmark set by the regulator.
Informed sources told Times Kuwait that the policy reflects the growing importance of seamless digital transactions in daily economic activity. The WAMD platform has integrated with mobile banking applications at multiple lenders since its debut. No official Central Bank of Kuwait statement has been released beyond the details conveyed through the publication.
