To increase the adoption of digital banking in Pakistan, the State Bank of Pakistan has finalized a comprehensive digital banking strategy. The policy formulation was done through an intensive consultation process with a diverse set of stakeholders. It includes commercial banks and financial institutions.
At the 19th Annual Conference on Future of Banking 2021 Summit, the Deputy Governor of SBP, Sima Kamil, announced that the SBP has introduced the digital onboarding program that will allow resident Pakistanis to open bank accounts online and remotely.
The digital banking services include a complete range of banking services compared to a few digital services currently available. The SBP also plans to roll out the second part of the instant payment system called Raast.
The system will allow P2P (person to person) financial transactions. Currently, six banks are in the phase of integrating this new instant payment system.
The deputy governor also announced the working of the government’s “Open Banking” policy. Currently, the SBP is working on some critical aspects such as the Application Programming Interface (API). Only after its completion, the government can propose a policy for implementation.