The State Bank of Pakistan (SBP) has introduced a new framework to make account opening easier for individuals and businesses. This framework applies to all banks and regulated entities (REs).
The goal is to simplify the process, reduce the number of documents required, and allow customers to open accounts through digital and convenient methods.
Quick Account Opening
SBP has instructed banks to ensure that new accounts should be opened within two working days. Also, customers must be able to track their application status to make the process more transparent and customer-friendly.
These changes are part of SBP’s ongoing efforts to promote financial inclusion and improve customer service.
Support for Digital Accounts
In recent years, SBP has introduced several initiatives like:
- Branchless banking accounts
- Asaan accounts
- Digital onboarding
- Specialized accounts for freelancers and overseas Pakistanis
Helping Merchants with Digital Payments
SBP has also advised banks to help merchants accept digital payments. All new and existing merchants should be provided with at least one of the following options:
- Raast QR code
- Point of Sale (POS) devices
- e-commerce or Raast checkout solutions
To support small merchants, SBP has told banks to classify them into categories like micro, small, and registered merchants. This will help provide low-cost digital payment solutions to all kinds of businesses.
Benefits and Purpose
These steps will help bring unbanked individuals and businesses into the formal banking system. It will also support the shift from cash-based to digital payments, especially in day-to-day purchases.
The new framework also includes strong regulatory safeguards that match international best practices, ensuring safety and trust in the financial system.
