The State Bank of Pakistan (SBP) said Wednesday that Pakistani residents can now open bank accounts using digital means, according to a statement.
The increasing use of electronic banking channels, particularly after the Covid-19 pandemic, has increased the demand from banks and customers for digital financial transactions, according to the central bank.
In this regard, the SBP State Bank of Pakistan also requested that the Pakistani banking industry have this system in place before December 31, 2021. It also expressed its confidence in the success of the initiative, stating that it will help in the digitization of banking services in the country, as well as the achievement of financial inclusion objectives.
"By integrating women into the financial system, the framework would also give a tool to the sector and a boost to the SBP State Bank of Pakistan Banking for Equality program," she said.
“In general, the framework provides a convenient way for all segments of society to open bank accounts; especially, it allows self-employed, self-employed or unemployed workers and recipients of remittances from abroad to open bank accounts digitally with minimum documentation requirements, ”added SBP.
This program will also help achieve State Bank of Pakistan SBP's financial inclusion goals by integrating previously excluded sectors of society into the formal banking system. The framework was prepared after extensive engagement with stakeholders, in order to receive input from industry experts and resolve any issues that banks / MFBs may experience during the implementation of this system.
Although accounts are generally created as Savings or Current, the framework classifies them into four categories based on functional limits, such as deposit or withdrawal limits, money transfer limits, etc., as well as the documents required to open one. bill.
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