SBP eases account opening, pushes for digital inclusion

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.