Tag: State Bank of Pakistan

The State Bank of Pakistan (SBP) has mandated a two-day maximum turnaround time for new bank account openings and pushed for widespread digital payment acceptance. This bold move aims to significantly boost financial inclusion and enhance customer experience across Pakistan, building on recent successes that saw the country’s financial inclusion rate reach 60% in 2023. Banks are now required to simplify processes, offer digital account opening, and ensure merchants are equipped with digital payment solutions like Raast QR and POS terminals.

Pakistan is rapidly embracing a digital economy, with a staggering 89% of all retail transactions now processed through digital channels in the third quarter of FY25. This impressive shift, highlighted by the State Bank of Pakistan’s latest review, is largely fueled by the exponential growth of mobile banking, e-money, and branchless banking wallets. From everyday in-store purchases to booming e-commerce, digital payments are transforming how Pakistanis transact, promoting greater financial inclusion and efficiency across the nation.