SECP makes corporate bank accounts instant with Askari Bank, NayaPay

April 02, 2026 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has signed Memoranda of Understanding (MoUs) with Askari Bank Limited and NayaPay to streamline and accelerate the process of opening corporate bank accounts for newly registered companies.

Under this new arrangement, once a company is registered with SECP, its directors will have the option to open a bank account online at a bank of their choice eliminating lengthy manual procedures.

Through a secure digital link, SECP’s eZfile system will be integrated with the systems of partner banks, allowing instant verification of company information. This ensures faster account opening with minimal documentation and reduced delays.

The MoU signing ceremony was attended by SECP Commissioner Mr. Muzzafar Ahmed Mirza, Askari Bank’s Group Head Retail Banking Mr. Shaikh Raashed Rauf, and NayaPay’s CEO Mr. Danish Ahmad Lakhani. SECP Chairperson Dr. Kabir Ahmed Sidhu, President of Askari Bank Mr. Zia Ijaz, and other senior officials were also present, according to a press release issued.

This initiative forms part of SECP’s “Paper to Platform” program, aimed at digitizing processes to enhance the ease of doing business. It builds on SECP’s earlier collaborations with financial institutions to promote digital onboarding and financial inclusion.

Speaking at the event, Dr. Kabir Ahmed Sidhu highlighted that closer coordination between SECP and banks will provide companies with a fully digital onboarding experience, reduce procedural barriers, increase transparency, and facilitate access to financial services.

Officials from Askari Bank and NayaPay welcomed the initiative, noting that it will simplify account opening and lay the foundation for future collaboration in lending and digital financial services.

SECP has previously signed similar agreements with Mobilink Microfinance Bank Limited, Easypaisa Bank Limited, Mashreq Bank, and Raqami Islamic Digital Bank Limited.

By enabling companies to open accounts immediately after registration, this initiative is expected to accelerate business operations, strengthen the connection between banks and capital markets, and foster a more efficient and transparent business environment in Pakistan.

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