Pakistanis will now be able to conveniently and remotely open bank accounts via digital channels including websites and mobile applications. An official visit to a bank branch for opening an account is no more required instead one can use the online framework designed by the central bank for the purpose.
The State Bank of Pakistan (SBP) has issued a statement on Wednesday, “Based on the success of the Roshan Digital Account framework, the SBP has now devised a comprehensive ‘Customers’ Digital Onboarding Framework’, which will facilitate banks and Microfinance Banks (MFBs) to conveniently and remotely open bank accounts of resident Pakistanis by using digital channels including websites/portal, mobile applications, digital kiosks, etc.”
According to the SBP, due to the rapid development in adopting electronic banking channels, particularly within the Covid-19 pandemic, the request from banks and customers for digital financial transactions have increased manifold.
The SBP has directed the banking industry to execute this framework by the end of December. However, the central bank has confidence that it will help to make banking services computerized in the country apart from achieving the financial inclusion objectives. This initiative would also offer a tool to the business and also helps SBP’s initiative of Banking on Equality by bringing women into the financial system, it added.
Freelancers, self-employed or unemployed can now open bank accounts from their homes
“The framework in general provides a convenient way for all segments of society for opening bank accounts, it specifically enables freelancers, self-employed or unemployed women, and recipient of remittances from abroad to open bank account digitally with minimum documentation requirements,” SBP said.
Besides this, the framework was finalized after achieving an extensive discussion with stakeholders, aiming to get opinions from industry experts and to address the challenges enthusiastically, that banks and MFBs might experience during the framework implementation.
Despite the fact, accounts are typically opened as either Savings or Current Account, whereas the framework has four categories on the basis of functional limits such as fund transfer limits, withdrawal or deposit limits, and the documents required for opening an account.