In a major step towards financial inclusion, the State Bank of Pakistan (SBP) has launched a consolidated framework to simplify and digitize the bank account opening process for individuals and businesses.
Under the new guidelines, banks are required to:
✅ Open accounts within 2 working days
✅ Reduce and standardize documentary requirements
✅ Offer full digital account opening for all account types
✅ Provide online tracking for account application status
SBP has also directed banks and regulated entities (REs) to equip merchants with digital payment acceptance tools, including Raast QR codes, POS terminals, and e-commerce payment gateways, making it easier for customers to pay digitally for both online and in-store purchases.
To ensure affordable solutions for small merchants, SBP has introduced a merchant categorization system—micro, small, and registered merchants—allowing tailored onboarding and cost-effective digital payment infrastructure.
This move builds on SBP’s earlier initiatives like Asaan accounts, branchless banking, and specialized accounts for freelancers and overseas Pakistanis, further expanding access to secure and convenient banking services.
The initiative is expected to digitize large-scale cash-based transactions, improve transparency, and strengthen Pakistan’s digital economy while ensuring compliance with international best practices.