In an effort to promote financial inclusion and expedite banking processes, the State Bank of Pakistan (SBP) has released a new framework that makes it simpler for merchants and regular consumers to register bank accounts.
The central bank claims that the new framework aims to reduce the amount of paperwork needed while standardizing the account creation procedure among institutions. With a maximum turnaround time of two working days, the objective is to provide a quicker and more seamless experience for new account holders.
As part of the new policy, the SBP has also instructed all banks to offer merchants digital payment options. In the retail and commercial sectors, this is anticipated to promote digital transactions and lessen dependency on cash-based transactions.
