Central bank announces online account opening

The State Bank of Pakistan (SBP) on Wednesday announced that bank accounts can be opened online as visiting the branch is no longer a requirement.

The statement issued by SBP said, “Based on the success of the Roshan Digital Account framework, the SBP has now devised a comprehensive ‘Customers’ Digital Onboarding Framework’, which will facilitate banks and Microfinance Banks (MFBs) to conveniently and remotely open bank accounts of resident Pakistanis by using digital channels including websites/portal, mobile applications, digital kiosks etc.”

According to SBP, the digital framework will be implemented from December 31.

SBP also added, “The framework, in general, provides a convenient way for all segments of society for opening bank accounts, it specifically enables freelancers, self-employed or unemployed women, and recipient of remittances from abroad to open bank account digitally with minimum documentation requirements”

The new framework will include four account categories; ‘Asaan Digital Account’, ‘Asaan Digital Remittance Account’, ‘Freelancer Digital Account’ and  ‘Digital Account.’