SBP vide Circular no ERD/M&PRD/PR/01/2021-98 Dated 15-Sep-21 has enabled Banks to facilitate its customer to open Pakistan Digital Accounts.
Why there is a need for Digital Account opening in Pakistan
With the rapid growth in the adoption of electronic banking channels, especially during the ongoing Covid-19 Pandemic, the demand from bank and customers for digital financial transactions have increased.
After the success of the Roshan Digital Account’s framework, which will facilitate banks and Microfinance banks to open bank accounts of Non-resident Pakistanis in abroad by using digital channels including websites/portal, mobile application etc
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Under the current framework, account opening process has become swift and simplified while ensuring compliance with applicable regulatory requirement’s and international standard’s.
The simplified Account opening process is devised keeping in ease for customer to go through simple process of Account opening for all segment’s of the society.
Who can open Pakistan Digital Account’s
Local Pakistani citizen Holding NADRA ID card and residing in Pakistan can open Pakistan Digital Account. In particularly enables freelancer’s,Self employed or unemployed women, Student’s and recipient of remittances from abroad to open bank account digitally around the clock with minimum documentation requirement.
What type of Bank Account’s can be open under Digital banking
Account of both type Current or Saving in PKR and Foreign currency can be opened under Digital Banking framework but primarily following type of Bank Account’s are popular in customer.
1.Asaan Account.
2.Current Account.
3.PLS Account.
4.Remittance Account.
By far the most simple and easily opened because of no source of income requirement is Asaan Account, which only requires Customer Nadra ID card.
However if Customer intends to open regular Current or Saving Account then he will have to provide Source of Income as per his/her profession being Salaried Person or Business person mainly but not limited to only under mentioned segment’s since this product is tailored to meet the financial transaction requirement of all citizen of Pakistan by not visiting Branch for Account opening purpose.
What is the turn around time for Account opening
SBP has instructed bank to ensure that the decision to open or decline these Account’s do not take more than two working days from the date of completion of all requirement’s while ensure customer support services 24/7 for customer facilitation.
Moreover bank’s will also provide a tracking number to the applicant’s for follow up purpose regarding the status updates.
When Digital Banking will be launched by Bank’s operating in Pakistan.
SBP has advised the banking industry to implement this framework by December 31, 2021. SBP is
confident that this initiative will help promote digitization of banking services in the country apart from achieving the financial inclusion objectives.
The framework would also provide a tool to the industry and an impetus to SBP’s initiative of Banking on Equality by bringing women into the financial system. It is expected that the move will result in increased convenience for the customers to fulfill their financial needs through swift and secure digital financial infrastructure in Pakistan.
Year 2022 is certainly expected to be an era of Banking revolution in terms of digital advancement’s and will take banking industry to a one step further to compete in international standard’s.