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State Bank Devises Framework for Online Account Opening

By 20/09/2021 March 25th, 2022 0 Comments

The State Bank of Pakistan (SBP) has devised a comprehensive customer digital onboarding framework, which will facilitate banks to conveniently and remotely open bank accounts by using a digital channel such as a portal, website or mobile application. It implies that Pakistanis will no longer need to visit a bank branch to open an account and will use the digital framework designed by the central bank.

The framework was introduced due to the rapid digitization of banking services during the pandemic and subsequent lockdowns. As a result, the demand from banks and customers for digital financial transactions have increased manifold.

The SBP has given banks and financial institutions the deadline of 31st December 2021, by which all banks need to implement this framework. The framework is also in line with the SBP’s initiative to bring women, marginalized communities, freelancers, informal workers and the lower-income group into the formal banking sector. Moreover, it provides a convenient way to help all segments of society to open a bank account digitally and with minimum documentation.

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