SBP to simplify banking further

KARACHI: The State Bank of Pakistan (SBP) is set to simplify banking by allowing customers to make their mobile number their bank account number to increase financial inclusion especially in remote and rural areas, a statement said on Tuesday.

“Customers could link his/her mobile number or…any other (unique) identification number with their bank account number under Raast (Pakistan's indigenous instant payment system). This feature is going to be rolled-out in October,” Syed Sohail Javaad, Director, Payment System Department, State Bank of Pakistan (SBP) said on Tuesday. “People could give their mobile number only to receive instant payments from the near future.”

Remembering a long IBAN or bank account number is one of the most difficult things in banking services. “This was on our mind since we started designing Raast sometime in 2017,” he added.

He was speaking at the 14th annual international conference under the title ‘UBL Digital Mobile Commerce 2021’, organised by Total Communications in collaboration with SBP and Pakistan Telecom Authority (PTA).