The State Bank of Pakistan has issued a consolidated customer onboarding framework to simplify and standardise account opening for individuals and businesses, including enabling digital account opening across account types, and has advised banks and other regulated entities to provide digital payment acceptance solutions to merchants. Regulated entities are expected to ensure the turnaround time for new account opening does not exceed two days for the general public, and to enable customers to track the status of their applications. The framework rationalises documentary requirements and calls for digital, convenient onboarding interfaces across different customer touchpoints. For merchant payments, regulated entities have been advised to equip all new and existing merchants with at least one acceptance option such as a Raast QR code, a point of sale terminal, or an e-commerce or Raast checkout solution, and to categorise merchants as micro, small and registered merchants to facilitate low-cost onboarding and acceptance points.
State Bank of Pakistan 2025-07-25
State Bank of Pakistan issues consolidated onboarding framework with two-day account opening target and advises banks to equip merchants with digital payment acceptance
The State Bank of Pakistan has introduced a consolidated customer onboarding framework to standardize and simplify account opening, including digital options for individuals and businesses. Banks and regulated entities must ensure account opening within two days and provide digital payment solutions like Raast QR codes or point of sale terminals to merchants. The framework also rationalizes documentation and categorizes merchants for low-cost onboarding.