The State Bank of Pakistan (SBP) has introduced a new, simplified framework for bank account opening, making it easier for individuals and businesses to access financial services and adopt digital payment solutions.
Under the updated customer onboarding framework, all banks and regulated entities (REs) must:
Standardize and simplify account opening procedures
Reduce documentary requirements for customers
Open new accounts within two working days
Allow customers to track their account application status online
Enable full digital onboarding for all account types
This initiative is aimed at enhancing financial inclusion, improving customer convenience, and supporting digital banking adoption.
SBP has also directed banks to equip merchants—both new and existing—with digital payment acceptance solutions, such as Raast QR codes, Point-of-Sale (POS) machines, and e-commerce/Raast checkout options to encourage cashless transactions for in-store and online purchases.
To make digital payments accessible for smaller businesses, SBP has advised banks to categorize merchants into micro, small, and registered categories, offering low-cost digital payment solutions tailored to their needs.
In recent years, SBP has introduced initiatives like branchless banking accounts, Asaan accounts, freelancer accounts, and overseas Pakistani accounts. The latest framework builds on these efforts by making all types of accounts available digitally with transparent, secure, and efficient processes.
Officials believe these reforms will reduce the dependency on cash transactions, boost the digital economy, and bring excluded segments into the formal banking network.
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SBP simplifies bank account opening with a new digital onboarding framework, faster processing, and merchant payment solutions to boost financial inclusion.
