Islamabad, Jan 23: The State Bank of Pakistan (SBP) is taking significant steps to enhance the efficiency of the merchant account opening procedures to boost the adoption of digital payment solutions.
This initiative, highlighted by Deputy Governor Dr. Inayat Hussain during his address to the Senate Standing Committee on Finance, involves streamlining the existing account setup process.
By reducing the traditional 16-page application form to a more manageable 2-3 pages, the SBP aims to simplify and expedite the onboarding experience for merchants.
This reform is part of a broader effort to foster a digital economy where transactions are quicker, safer, and more convenient.
The SBP is collaborating with key stakeholders, including Karandaaz and the Pakistan Banks Association, to encourage both merchants and consumers to embrace modern payment technologies such as QR codes.
These partnerships are vital in promoting widespread digital engagement, which is expected to enhance transactional transparency and efficiency across the board.
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In a recent report, the SBP disclosed that consumers paid approximately $138 million in fees for bank card transactions last year alone, underscoring the need for more cost-effective payment solutions.
In response, the Finance Committee has set a firm deadline of June 30, 2025, for the digital payment system to be fully operational and has tasked the Ministry of Finance along with the SBP to report on the progress within the next six months.
Additionally, the committee has given its nod to an amendment in the State-Owned Enterprises (SOE) Act, 2024. This amendment aims to refine governance frameworks for SOEs, particularly those where the government maintains a majority stake exceeding 51%.
This move will boost public sector enterprises’ efficiency, improving service delivery and fiscal management.
These reforms will reshape digital banking and public enterprise management in Pakistan, aligning them with global standards for a stronger economy.
