Instant transfer system of Wamd found to have a vulnerability by the Central Bank
In the second quarter of 2025, the electronic finance platform Wamd witnessed a significant surge in its usage, marking a milestone in its growth. The quarter saw transactions on Wamd increase by a staggering 24.8%, reaching an impressive 2 billion dinars.
This rise in Wamd usage is indicative of a broader trend towards electronic finance in Kuwait, as more and more local consumers shift away from traditional cash and card payments towards instant e-finance platforms.
The data suggests a rising trend in the adoption of Wamd for transactions. This growth could be a sign of a broader shift towards electronic finance in the country, as consumers embrace the convenience and speed offered by digital platforms.
However, the growth in Wamd usage has also brought to light a technical vulnerability in the Wamd service of the Central Bank of Kuwait. Certain customers have been able to exceed daily limits for fast, free money transfers between banks via mobile numbers, despite banks adhering to regulatory instructions and transaction ceilings.
The Central Bank has identified this technical loophole and has instructed participating banks to adjust Wamd system settings to prevent limit breaches. Banks have also extended the refund period for mistaken transfers from one day to seven days, aiming to bolster consumer protection and confidence.
Despite this technical issue, the popularity of Wamd as an e-finance platform continues to rise among local consumers. The total transactions handled by Wamd in the first half of 2025 amounted to approximately 3.6 billion dinars, a testament to its growing appeal.
The Central Bank is working diligently to address this issue and ensure a return to daily thresholds and halt transfers that exceed approved limits. The extension of the refund period and the adjustments to the Wamd system settings are steps towards achieving this goal.
As Wamd continues to grow and evolve, it remains to be seen how the platform will navigate this technical challenge and maintain consumer trust. For now, it is clear that the future of electronic finance in Kuwait is bright, with platforms like Wamd leading the charge.
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