The State Bank of Pakistan (SBP) has updated its Consolidated Customer Onboarding Framework to extend Roshan Digital Accounts (RDA) to all non-resident individuals and legal entities. The move significantly broadens the scope of Pakistan’s flagship digital banking initiative for overseas investors and businesses.
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The update, issued through a Circular Letter, now includes non-resident persons as defined under the Income Tax Ordinance, 2001, covering companies and other juridical entities registered abroad. This expansion aims to make Pakistan’s financial system more accessible for international investors and businesses seeking to engage with the country’s economy.
Expanded Eligibility
Previously, Roshan Digital Accounts were primarily available to non-resident Pakistanis and Persons of Pakistani Origin (POC). Under the new framework, the program is now open to:
- All non-resident individuals (regardless of origin)
- Non-resident companies
- Other juridical entities registered abroad
| Eligibility Category | Previous | Expanded |
|---|---|---|
| Non-Resident Pakistanis | ✓ | ✓ (unchanged) |
| Persons of Pakistani Origin | ✓ | ✓ (unchanged) |
| Other Non-Resident Individuals | ✗ | ✓ |
| Foreign Companies/Entities | ✗ | ✓ |
Process Unchanged for Existing Segments
The SBP clarified that the account opening process for non-resident Pakistanis and Persons of Pakistani Origin (POC) remains unchanged. Banks are instructed to ensure a seamless customer onboarding experience for all eligible categories.
The updated framework is effective immediately, with all SBP-regulated entities required to comply fully with the revised instructions.
Strategic Significance
This expansion represents a significant step in Pakistan’s strategy to:
- Attract foreign investment from a broader base of international investors
- Promote digital banking as a key channel for cross-border financial transactions
- Enhance financial inclusion for non-resident entities
- Strengthen Pakistan’s integration with global financial markets
About Roshan Digital Accounts
Roshan Digital Accounts (RDA) were launched by the State Bank of Pakistan in 2020 as a digital banking initiative to provide innovative banking solutions for non-resident Pakistanis. The accounts allow overseas Pakistanis to open bank accounts remotely, without visiting a branch, and conduct various financial transactions including investments in Pakistan’s capital markets, real estate, and government securities.
The program has been widely recognized as a successful initiative, attracting billions of dollars in deposits and investments from overseas Pakistanis. The expansion to all non-resident persons builds on this success by opening the platform to a broader international audience.
About the State Bank of Pakistan
The State Bank of Pakistan (SBP) is the central bank of the country, responsible for regulating the monetary and credit system, ensuring financial stability, and promoting financial inclusion. The SBP oversees the banking sector and implements policies to support economic growth.
