The State Bank of Pakistan (SBP) has released a comprehensive framework aimed at streamlining the customer onboarding process and encouraging digital payment solutions among individuals and businesses.
Key Highlights:
- Account opening procedures have been simplified and standardized across all banks.
- Documentation requirements for opening accounts have been reduced.
- Banks are now required to open accounts within two working days for general customers.
- Applicants can track the status of their account requests in real time.
- All types of accounts, including for freelancers and overseas Pakistanis, can now be opened digitally.
The initiative is part of SBP’s ongoing efforts to improve financial inclusion and enhance customer convenience. The framework also ensures transparency and user-friendly processes through digital platforms.
To further boost digital transactions, SBP has directed banks and regulated entities to provide digital payment acceptance tools—like Raast QR codes, POS systems, and e-commerce checkouts—to both new and existing merchants operating online or in-store.
To ease merchant onboarding, SBP has instructed banks to categorize vendors into micro, small, and registered segments, offering cost-effective payment solutions.
This policy not only digitizes cash-heavy transactions but also integrates unbanked individuals and businesses into the formal financial system. Additionally, the framework includes strong regulatory protections aligned with global standards.
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