‘Asaan Digital Account’ launched by SBP to provide accessibility of financial services

KARACHI: State Bank of Pakistan (SBP) is launching an app that allows people to open full-service bank accounts via smartphones or computers called Asaan Digital Account, the bank announced on Saturday.

The service launched on March 7 in collaboration with UBL, Standard Chartered Bank, and Bank Alfalah, at an event titled ‘Asaan Digital Account: Breaking Barriers’.

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.