SBP claims, to allow opening bank accounts using phone numbers

The State Bank of Pakistan (SBP) is set to simplify banking by allowing customers to use their mobile number as their bank account number to expand banking services to unbanked and financially excluded people living in remote and rural areas.

“Customer could link his/her mobile number or…any other (unique) identification number with their bank account number under Raast (Pakistan’s indigenous instant payment system). This feature is going to be rolled out in October,” Syed Sohail Javaad, Director Payment System Department, State Bank of Pakistan (SBP), said.

“People could give their mobile number only to receive instant payments from the near future,” he said. Remembering a long IBAN or bank account number is one of the most difficult things in banking services.