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SBP Steps Up to Encourage Digitization in the Banking Sector

The State Bank of Pakistan (SBP) has directed all banks to offer a minimum set of services on their internet banking (IB) and mobile banking (MB) channels in order to foster digitization in the banking sector.

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These services will reportedly comprise bill payment, money transfer/IBFT, beneficiary management, limit management, credit and debit card management, halt check payment, etc.

To promote the usage of online and mobile banking services by its consumers, banks will not charge any activation, subscription, or yearly fees for utilising such services.

The banks have also been recommended to establish a Chief Digital Officer (CDO) position, who would be in charge of leading the digitization activities, in light of the significance of digitalization.

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The SBP stated that it would continue to support digitalization in the nation and anticipates industry cooperation for these initiatives, leading to an increase in customer convenience in meeting their financial demands through Pakistan’s safe, quick, and secure digital infrastructure.

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