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The State Bank of Pakistan (SBP) has introduced a new customer onboarding framework aimed at simplifying the bank account opening process for individuals and businesses, while encouraging digital payments across the country.
According to a statement issued by the SBP, the new policy will standardize procedures across all banks, reduce documentation requirements, and enable customers to open all types of accounts digitally – whether for personal or commercial use.
As part of this initiative, banks and other regulated entities (REs) are now required to open accounts within two working days for the general public.
Moreover, customers will be able to track the status of their account applications, ensuring transparency and convenience.
The SBP emphasized that these changes are part of a broader push to increase financial inclusion and modernize Pakistan’s banking infrastructure.
Over recent years, the central bank has introduced innovations such as branchless banking accounts, Asaan accounts, digital onboarding, and specialized accounts for freelancers, remittance recipients, and overseas Pakistanis.
The SBP simplifies bank account opening not just for individuals, but also seeks to digitize business-to-customer transactions, particularly among small merchants.
The framework mandates that all merchants – new and existing – must be provided with digital payment acceptance tools, such as Raast QR codes, Point-of-Sale (POS) machines, and e-commerce checkout options.
To support this rollout, the SBP has instructed financial institutions to classify merchants into micro, small, and registered categories, and to provide low-cost digital solutions accordingly.
This is intended to reduce reliance on cash and streamline digital transactions, especially in retail and trade sectors.
Furthermore, the framework embeds strong regulatory protections that align with international standards, ensuring consumer safety as Pakistan continues to transition toward a digitally driven economy.
