Fast-tracking corporate account opening: SECP inks MoUs with Askari Bank, NayaPay

ISLAMABAD: 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.

The MoU was signed by Commissioner SECP Muzzafar Ahmed Mirza, Askari Bank’s Group Head Retail Banking Shaikh Raashed Rauf, and NayaPay’s CEO Danish Ahmad Lakhani. The ceremony was attended by SECP Chairperson Dr Kabir A Sidhu, President Askari Bank Zia Ijaz, and senior officials.

This step is part of SECP’s “Paper to Platform” initiative. The aim is to digitise processes and improve ease of doing business. It also builds on SECP’s earlier partnerships with financial institutions.

Speaking at the event, Chairperson SECP Dr Kabir Ahmed Sidhu said that close coordination between SECP and 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 welcomed the initiative. They 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.

Copyright Business Recorder, 2026