The Securities and Exchange Commission of Pakistan has signed Memoranda of Understanding (MoUs) with Askari Bank Limited and NayaPay to make it easier and faster for companies to open corporate bank accounts.
Under this arrangement, once a company is registered with SECP, its directors will get an online option to open a bank account in a bank of their choice. There will be no need for lengthy manual processes.
SECP’s eZfile system will be connected with the systems of partner banks through a secure digital link. This will allow instant verification of company data. As a result, companies will be able to open bank accounts quickly with less documentation and fewer delays.
SECP Commissioner Muzzafar Ahmed Mirza, Askari Bank’s Group Head Retail Banking Shaikh Raashed Rauf, and NayaPay’s CEO Danish Ahmad Lakhani signed the MoU. SECP Chairperson Dr Kabir A. Sidhu, President Askari Bank Zia Ijaz, and senior officials attended the ceremony.
This step is part of SECP’s “Paper to Platform” initiative. The aim is to digitise processes and improve the ease of doing business. It also builds on SECP’s earlier partnerships with financial institutions.
Dr Kabir Ahmed Sidhu said that close coordination with financial institutions will help provide complete digital onboarding for businesses. He said this will reduce barriers, improve transparency, and support financial inclusion.
Officials of Askari Bank and NayaPay said it will not only make account opening easier but also support future cooperation in lending and digital financial services.
Earlier, SECP signed similar agreements with Mobilink Microfinance Bank Limited, Easypaisa Bank Limited, Mashreq Bank, and Raqami Islamic Digital Bank Limited.
The initiative will help companies start operations faster after registration. It will also strengthen links between banks and capital markets and support a more efficient and transparent business environment in Pakistan.
Teenagers Can Now Open Independent Bank Accounts in Pakistan
