Business Desk 
Jul 25, 2025
The State Bank of Pakistan (SBP) has introduced a new framework to simplify and speed up the way that people and businesses can open bank accounts and accept digital payments.
The new customer onboarding framework aims to ease the banking process by reducing paperwork so that people can open different accounts through digital channels.
Under the changes, all banks and regulated entities (REs) must simplify their account opening processes and reduce the documents required.
Most importantly, banks are now required to open accounts for the public in two working days. Customers will also now have the option to check the status of their account opening online.
SBP has also recommended that banks offer digital payment acceptance solutions like Raast QR codes, POS machines, and e-commerce checkout options.
These will make it easier for businesses—especially small business retailers—to collect payments regardless of whether the business is operating through a digital or physical channel.
In addition to recommending solutions for digital payments, SBP has also requested that banks classify merchants as micro, small, or registered merchants with the aim of providing low-cost solutions to make digital payments a possibility for small business owners.
