KARACHI: Banks have been collecting unnecessary information and documents from customers for opening of three types of Asaan Digital Accounts, said the State Bank of Pakistan (SBP) on Saturday.

The central bank said that the framework on Customers’ Digital On boarding invariably requires all the banks and Microfinance Banks (MFBs) to implement the same by Dec 31, 2021.

The aforementioned framework predominantly covered the opening of digital accounts by banks and MFBs as well as introducing three types of Asaan digital accounts which allow limited transactional activity and can be opened with simplified KYC (Know Your Customer) requirements. This includes Asaan Digital Account (ADA), Asaan Digital Remittances Account (ADRA) and Freelancer Digital Account (FDA).

“During our ongoing engagement with the banking industry, it has been observed with serious concern that many of the banks/MFBs are collecting unnecessary information and documents from customers, especially for opening of ADA, ADRA or FDA, which is not only causing unnecessary delays in account opening process, but also hampering the customer’s seamless digital onboarding experience,” said the SBP.

Published in Dawn, May 1st, 2022