SBP rolls out new rules to simplify bank account opening, boost digital payments 

KARACHI: The State Bank of Pakistan (SBP) has rolled out a new framework aimed at making it easier for people and businesses to open bank accounts and adopt digital payment solutions.

Under the revised customer onboarding framework, banks and other regulated entities (REs) have been directed to offer streamlined, standardised, and more convenient options for account opening, especially through digital channels. The goal is to reduce paperwork, speed up processing, and make the process user-friendly across all platforms, including in-branch and online. 

As part of this initiative, SBP has asked banks to ensure that new accounts for the general public are opened within two working days. Customers must also be given the ability to track the progress of their application, making the process more transparent. 

The central bank said the move is part of its wider push to increase financial inclusion and make banking services more accessible. In recent years, SBP has launched several initiatives such as branchless banking, Asaan accounts, and digital onboarding options for freelancers, remittance recipients, and overseas Pakistanis. 

Now, with the new rules in place, people will be able to open all types of accounts — including savings, current and specialised accounts — entirely through digital channels, making banking faster and easier. 

In a separate push to promote digital transactions, SBP has also directed banks and other REs to equip all merchants, whether operating in-store or online, with at least one digital payment acceptance option. These could include Raast QR codes, Point-of-Sale (POS) machines, or online checkout solutions linked to Raast. 

To support small businesses, the SBP has also introduced a tiered approach for merchant onboarding. Merchants will be classified as micro, small, or registered, with tailored support and low-cost digital payment options for each category. 

SBP said these efforts are meant to bring more people and businesses into the formal banking system and reduce the heavy reliance on cash-based transactions. The framework also includes strong consumer protection measures and follows international best practices. 

With these changes, the central bank aims to build a more inclusive, efficient, and digitally connected financial ecosystem across Pakistan.