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In an effort to streamline the process of bank account opening, the State Bank of Pakistan (SBP) has released new regulations for customer onboarding. Standardization of procedures, reduction of documentary hurdles, and provision of digital account access are now compulsory under the new framework.
SBP has instructed banks and regulated financial institutions to ensure that new accounts for general customers must be opened within two working days. Meanwhile, corporate and institutional account applications must receive a decision within five working days. The initiative includes a real–time tracking system so applicants can monitor their account status online, eliminating uncertainty and unnecessary branch visits.
Through online or mobile platforms, customers can scan documents and finish biometric verification. Thanks to digitization, the banking procedure is now faster for everyone and the conventional paperwork burdens are no more.
Banks now have to equip every small and medium‑size retailer with at least one payment acceptance tool, such as Raast QR codes, point-of‑sale terminals or Raast checkout for online sales. SBP has categorized merchants as micro, small or registered and imposed thresholds. For example, micro merchants may transact up to PKR 2 million monthly and maintain balances up to PKR 3 million.
These actions advance SBP’s long-term objectives regarding financial inclusion and electronic transactions. Previous initiatives such as Asaan Accounts, branchless banking, and remittance-friendly digital accounts turned out to be largely successful, leading to the foundation of streamlined bank account opening measures. Digital services and formal economic systems are now accessible to a greater number of Pakistanis, particularly those residing in remote or underserved regions.
