SBP allows Pakistanis to open bank accounts through digital channels

State Bank of Pakistan (SBP) has launched ‘Customers’ Digital Onboarding Framework’, which will facilitate banks and Microfinance Banks (MFBs) to conveniently and remotely open bank accounts of Pakistanis by using digital channels including websites/portal, mobile applications and digital kiosks.

The central bank, in a statement, said that with the rapid growth in adoption of electronic banking channels, especially amidst the COVID-19 pandemic, the demand from bank and customers for digital financial transactions has increased.

It further said that under this framework, the account opening process has become swift and simplified while ensuring compliance with the applicable regulatory requirements and international standards.

SBP said that this initiative would also help in achieving bank’s financial inclusion objectives by bringing the excluded segments of the society in the formal banking sector.

The categories of accounts include ‘Asaan Digital Account’; ‘Asaan Digital Remittance Account’; ‘Freelancer Digital Account’; and the ‘Digital Account.’

The first category is the easiest to open requiring very basic information and the least number of documents albeit with some limits on functionality. The last category, i.e. Digital Account is without any functional restriction but needs more information for account opening.

A customer can start with the basic account and can upgrade over time to a higher level of account type when needed.

Article source: https://nation.com.pk/16-Sep-2021/sbp-allows-pakistanis-to-open-bank-accounts-through-digital-channels