KARACHI: The State Bank of Pakistan (SBP) has introduced a comprehensive framework to simplify the account opening process for individual customers and traders, aiming to improve financial inclusion and digital access.
According to the central bank, the new framework will standardise and streamline the procedure, reduce documentation requirements, and ensure that account opening takes no more than two working days.
Customers will also be able to track the status of their applications, making the process more transparent and user-friendly.
The onboarding system has been enhanced to become safer and more efficient, allowing users to open all types of bank accounts online.
SBP has also instructed banks to ensure all traders are equipped with at least one method to accept digital payments and to support new businesses in opening accounts easily.
These measures are part of SBP’s ongoing efforts to bring the unbanked population and informal traders into the formal banking system, while encouraging the shift from cash-based transactions to digital payments.
