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SBP Devises Framework for Online Account Opening

The State Bank of Pakistan (SBP) has created the Customers’ Digital Onboarding Framework, which enables banks to remotely and conveniently open bank accounts for Pakistani residents through digital channels.

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In a statement, the central bank stated that with the fast adoption of electronic banking channels, particularly in the wake of the Covid-19 outbreak, bank and customer demand for digital financial transactions has skyrocketed.

Under this new structure, the account opening procedure has been streamlined and accelerated, while maintaining compliance with applicable legal requirements and international standards.

It allows freelancers, self-employed or unemployed women, and recipients of foreign remittances to obtain digital bank accounts with minimal verification requirements.

This project will also contribute to the achievement of the SBP’s financial inclusion goals by bringing excluded elements of society into the formal banking system.

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In addition, banks and MFBs will be required to give the applicant with a tracking number for status updates.

The framework would also serve as a tool for the sector and a catalyst for the SBP’s initiative to promote gender diversity in the financial system. It is anticipated that the move will make it easier for clients to meet their financial obligations through Pakistan’s quick and secure digital banking infrastructure.

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