Banks to open accounts digitally
There is a need for the Islamic banking industry to capitalise on fintech to sustain its growth momentum, says SBP statement. PHOTO: FILE
With rapid growth in adoption of electronic banking channels amid the Covid-19 pandemic, the demand from banks and customers for digital financial transactions has increased manifold. Based on the success of Roshan Digital Account framework, the State Bank of Pakistan (SBP) has now devised a comprehensive “Customers’ Digital Onboarding Framework”. According to a statement issued on Wednesday, the framework 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 and digital kiosks. “Under this framework, the account opening process will be swift and simplified while ensuring compliance with the applicable regulatory requirements and international standards,” it said. “The framework in general provides a convenient way for all segments of society to open bank accounts.” It specifically enables freelancers, self-employed or unemployed women, and recipient of remittances from abroad to open bank accounts digitally with minimum documentation requirements, the SBP said.
Published in The Express Tribune, September 16th, 2021.
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