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Pakistan to have 100 mn bank accounts

Pakistan is expected to have as many as 100 million bank accounts by 2025, according to Tameer Microfinance Bank CEO Nadeem Hussain. He said at a meeting of business leaders that effective banking regulations and better coordination among different stakeholders had made Pakistan one of the few countries where a bank account could be opened in just one minute. Thanks to the concept of the one-minute bank account, the industry is opening close to a million accounts a month, he said. There were 41.7 million bank accounts in Pakistan at the end of last fiscal year, according to the State Bank of Pakistan. More than 31.3 million accounts, or 75% of all bank accounts, belonged to the personal accounts category. The SBP has recently modified the regulatory framework to quicken the bank account-opening process with the help of the national database authority.

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