In a major step toward fostering financial inclusion and simplifying access to banking services, the State Bank of Pakistan (SBP) has introduced a consolidated framework for customer onboarding. The initiative aims to standardize and digitize the account opening process for both individuals and businesses across the country, significantly reducing barriers and documentation requirements.
Under the new framework, the account opening process has been simplified and standardized across all banks and regulated entities (REs). The SBP has mandated that account applications must be processed within two working days for members of the general public. Furthermore, customers can now track the real-time status of their account opening applications, ensuring transparency and improving customer experience.
One of the key highlights of the new framework is the expansion of digital account opening. Customers can now open all types of bank accounts digitally without visiting a branch, marking a significant shift in Pakistan’s banking ecosystem. The central bank’s move is expected to enable easier access to banking services for freelancers, small businesses, home remittance recipients, and overseas Pakistanis, who often face challenges due to physical banking limitations or paperwork-heavy processes.
This enhanced customer onboarding process is part of SBP’s broader mission to strengthen digital financial services and make banking more inclusive. In recent years, the SBP has launched several innovative initiatives such as Asaan Accounts, branchless banking models, and dedicated accounts for specialized segments. These steps have consistently aimed to bring unbanked and underbanked populations into the formal financial system.
In addition to easing account opening, SBP is also focusing on digital payments adoption. The new framework mandates that all REs provide merchants with digital payment acceptance solutions, such as Raast QR codes, Point of Sale (POS) terminals, and integrated e-commerce or Raast checkout options. These tools are intended to support merchants—both physical and online—in facilitating digital transactions securely and efficiently.
To make digital onboarding more inclusive for businesses, especially smaller ones, SBP has directed banks and REs to classify merchants into categories such as micro, small, and registered. This classification allows for tailored solutions that meet the specific operational and cost needs of different merchant groups, encouraging wider adoption of digital payments in both rural and urban areas.
By simplifying account opening, enabling digital onboarding, and promoting digital transaction tools, SBP aims to reduce dependency on cash and move towards a more digitized and inclusive financial environment. These reforms are not only customer-centric but also aligned with international best practices, bringing Pakistan’s banking infrastructure closer to global standards.
The latest framework reflects SBP’s long-term digital banking vision and is expected to transform the way individuals and businesses interact with financial institutions, driving a stronger, more resilient, and more accessible financial ecosystem across the country.
