State Bank of Pakistan (SBP) has been actively promoting financial inclusion in the country by expanding outreach of banking services to all segments of the society through conventional and innovative channels. However, despite SBP’s efforts, a large portion of population still remains excluded from financial services. In order to enhance the financial inclusion in Pakistan, SBP has formulated a National Financial Inclusion Strategy (NFIS) wherein a target of 50% growth in bank accounts by adult population by the year 2020 has been set out.

2.         To facilitate the banking industry to achieve the aforesaid objective, SBP has decided to simplify account opening requirements/procedures and introduce a new account category namely “Asaan Account” for low risk customers. Accordingly, the comprehensive Guidelines with simplified account opening procedures have been developed. The simplified approach for opening of these accounts by banks is designed to extend benefits of financial services to common people especially unbanked/under banked segments of population.

3. The banks may convert existing Basic Banking Accounts (BBAs) to Asaan Accounts provided prior consent of customers is obtained and Terms and Conditions of Asaan Account are conveyed to them. However, banks shall not recover any charges for conversion of BBAs to these accounts. Further, in case the Asaan Account holder requires financial services for higher than the specified transaction limits, the Asaan Account may be converted to regular account subject to completion of Customer Due Diligence as per ‘AML/CFT Regulations’ and ‘Guidelines on Risk Based Approach’ for Banks/DFIs and other applicable requirements.

4.         To achieve the targets set out in NFIS, banks shall develop quarterly & yearly plans to open Asaan Accounts and submit quarterly reports to SBP as per the attached Annexure ‘A’ within seven days of close of each quarter. The first quarterly report as of September 30, 2015 should be submitted to this Department by October 07, 2015. The banks shall also launch public awareness/media campaigns to sensitize general public about the benefits of banking services and features of Asaan Account as per the Guidelines.

5. The Guidelines for the Asaan Accounts are attached for compliance in letter and spirit which shall take immediate effect. Banks shall upgrade their systems, controls and procedures in accordance with these Guidelines to incorporate the requirements of Asaan Account latest by July 31, 2015.

6. Please acknowledge receipt.

Encl: As Above