SBP simplifies account opening for individuals and businesses

KARACHI: The State Bank of Pakistan (SBP) has introduced a consolidated customer onboarding framework aimed at simplifying and standardizing the account opening process for individuals and businesses, while also promoting digital payment adoption across the country.

According to a statement, SBP advised regulated entities (REs), including banks and financial institutions to ensure that new account opening is completed within two working days for the general public.

Customers should also be able to track the status of their account applications, enhancing transparency and customer convenience.

In addition, SBP has directed all REs to equip merchants—both new and existing—with at least one digital payment acceptance solution, such as Raast QR codes, Point of Sale (POS) terminals, or e-commerce/Raast checkout systems to enable seamless in-store and online transactions.

The new framework also aims to rationalize documentary requirements and enable digital onboarding through user-friendly platforms, making it easier for customers to open and operate various types of bank accounts remotely.

To promote low-cost digital inclusion for small businesses, SBP has instructed REs to categorize merchants as micro, small, or registered, facilitating targeted onboarding and support.

These initiatives are part of SBP’s ongoing efforts to enhance financial inclusion and reduce reliance on cash-based transactions. Recent innovations by the central bank include Asaan accounts, branchless banking, digital onboarding, and specialized account types for freelancers, overseas Pakistanis, and remittance recipients.

By simplifying account opening and expanding digital payment infrastructure, the SBP aims to bring unbanked individuals and businesses into the formal financial system, while aligning its regulatory framework with international best practices.