The State Bank of Pakistan (SBP) has directed all banks and financial institutions to ensure that opening a new bank account for general customers does not take more than two working days.
To support this, the SBP has issued a comprehensive framework aimed at making the account opening process simpler, faster, and more transparent. The new policy also requires banks to provide applicants with the ability to track their account opening progress, enhancing customer trust and ease of access.
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This move is part of SBP’s goal to promote financial inclusion and bring more citizens into the banking system. The updated framework allows individuals to open any type of bank account, including digital options, through a simplified documentation process and improved onboarding tools.
In recent years, SBP has introduced special account types for freelancers, overseas Pakistanis, remittance recipients, and branchless banking users. These accounts can now be opened digitally with greater security and efficiency.
Furthermore, SBP has instructed financial institutions to equip all physical and online merchants with at least one digital payment solution, such as Raast QR codes, POS machines, or e-commerce checkout tools. Banks have also been advised to categorise small and registered traders to ensure affordable and accessible digital payment options.
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