SBP to launch Asaan Digital Account

KARACHI: State Bank of Pakistan (SBP) is set to launch Asaan Digital Account, a flagship program to allow people open a full-service bank account through smartphones or computers, it said on Saturday.

SBP will launch the service on March 7 in an event that has been titled as ‘Asaan Digital Account: Breaking Barriers’, which will be organised in collaboration with UBL, Standard Chartered Bank, and Bank Alfalah. Governer SBP Dr Reza Baqir will be the chief guest of the event.

The digitised solution would allow people open bank account with Computerized National Identity Card (CNIC) and no other documentation requirements from anywhere using their phone or computer, SBP stated.

According to the central bank, the program will provide availability and accessibility of financial services to customers, especially women, as they can open their bank account through their phone, without visiting any bank branch.

The central bank stated that the service would be particularly helpful for women to overcome barriers such as lack of documentation, proximity to bank branches, and other social and cultural norms that have limited women’s access to bank accounts, resultantly hampering their financial inclusion.