Karachi – In a significant move to accelerate financial inclusion and enhance customer convenience, the State Bank of Pakistan (SBP) has directed all banks to ensure that new accounts are opened within a maximum of two working days. This directive is part of a broader initiative that also mandates regulated entities (REs) to offer comprehensive digital payment acceptance solutions to merchants across both physical and online platforms.
The SBP, in an official statement, highlighted the simplification of the account opening process for individuals and businesses. The central bank has issued a consolidated framework aimed at standardizing procedures, streamlining documentation requirements, and facilitating user-friendly digital interfaces across all customer touchpoints. Customers will now also have the ability to track the progress of their account opening applications, ensuring greater transparency and a better overall experience.
“State Bank has advised regulated entities to ensure that the turnaround time for new account opening does not exceed two days for the general public,” the statement emphasized, underscoring the commitment to improved customer service and efficiency.
This initiative aligns with the SBP’s ongoing efforts to broaden access to financial services nationwide. According to PwC’s Banking Publication 2024, Pakistan has witnessed a notable increase in financial inclusion, reaching 60% in 2023. The country’s contribution to the global unbanked adult population has also decreased significantly from 9% in 2021 to 4% in 2023. The SBP has been proactive in introducing various schemes in recent years, including branchless banking, Asaan accounts, digital onboarding, and specialized accounts tailored for freelancers, overseas Pakistanis, and recipients of remittances.
The new framework extends the convenience of digital channels to the opening of all types of bank accounts, making the process more secure, efficient, and widely accessible to the public.
Furthermore, the SBP has instructed all banks and REs to ensure that both new and existing merchants are equipped with at least one form of digital payment acceptance. This includes options such as Raast QR codes, Point of Sale (POS) terminals, and e-commerce/Raast checkout facilities, enabling seamless digital transactions for both in-store and online purchases.
To encourage the adoption of digital payments among smaller businesses, the SBP has directed REs to categorize merchants into micro, small, and registered tiers, allowing for tailored support and solutions that suit their specific needs and operational scales. This strategic move is expected to further promote the use of digital payments across the country, fostering a more robust and efficient financial ecosystem.
