KARACHI: The State Bank of Pakistan (SBP) has directed banks to open new accounts within two days as part of efforts to enhance financial inclusion and improve customer experience.

In a statement, the SBP said it has simplified the account opening process for both individuals and businesses, and instructed regulated entities (REs) to offer digital payment acceptance solutions to merchants operating in-store and online.

“State Bank has advised regulated entities to ensure that the turnaround time for new account opening does not exceed two days for the general public,” said the statement, adding that customers should be able to track the status of their applications, ensuring greater transparency and user-friendliness.

The SBP has issued a consolidated framework for customers, aimed at simplifying and standardising account opening procedures, rationalising documentation requirements, and enabling digital and convenient interfaces across multiple customer touchpoints.

“These measures are part of SBP’s ongoing efforts to expand financial inclusion and enhance customer convenience,” the central bank stated.

According to PwC’s Banking Publication 2024, released by A.F. Ferguson & Co, Pakistan’s financial inclusion rate rose to 60pc in 2023. The country now accounts for 4pc of the world’s unbanked adult population, down from 9pc in 2021.

In recent years, the SBP has introduced several initiatives to broaden access to financial services, including branchless banking, Asaan accounts, digital onboarding, and specialised accounts for freelancers, overseas Pakistanis, and remittance recipients.

The new framework allows customers to open all types of bank accounts through digital channels, making the process more secure, efficient, and accessible.

In addition, the SBP has directed banks and REs to ensure all merchants— new and existing — are equipped with at least one digital payment acceptance method. These may include Raast QR codes, Point of Sale (POS) terminals, or e-commerce/Raast checkout options to facilitate digital payments for both physical and online purchases.

To promote low-cost adoption among smaller businesses, the SBP has asked REs to classify merchants into micro, small, and registered categories, tailoring support accordingly.

Published in Dawn, July 27th, 2025