Karachi, July 25, 2025 – The State Bank of Pakistan (SBP) has issued comprehensive instructions to banks and regulated entities (REs), mandating that the account opening process for the general public be completed within two working days.
This directive is part of SBP’s broader strategy to enhance financial inclusion, streamline banking services, and promote digital transactions.
Under the newly introduced consolidated customer onboarding framework, SBP has instructed banks to simplify and standardize account opening procedures. The goal is to rationalize documentation requirements and offer user-friendly digital interfaces across various customer touchpoints. Importantly, SBP emphasized that customers must be able to track the status of their account applications, ensuring transparency and a more customer-centric banking experience.
To improve digital banking adoption, SBP has also directed banks to provide Digital Payment Acceptance solutions to all their clients involved in online and in-store trade activities. These solutions include Raast QR codes, Point of Sale (POS) devices, and e-commerce/Raast checkout options, enabling seamless digital transactions. The banks must categorize merchants as micro, small, or registered to facilitate low-cost onboarding of smaller businesses.
SBP highlighted that these steps are a continuation of its earlier initiatives such as Asaan accounts, branchless banking, digital onboarding for freelancers, home remittance recipients, and overseas Pakistanis. By enabling account opening through digital channels, banks can now cater to a broader segment of the population, including underserved groups.
The SBP believes that these measures will significantly strengthen the regulatory framework while bringing excluded individuals and small merchants into the formal banking ecosystem. This initiative also aims to digitize Pakistan’s vast cash-based economy, particularly person-to-merchant transactions, by promoting affordable digital payment infrastructure.
Banks are now expected to fully comply with the framework, aligning themselves with SBP’s vision for an inclusive, efficient, and technology-driven banking system.