SBP — State Bank of Pakistan — P@SHA Policy Portal

Rate/Scheme	Current Value	Effective Date	Notes	Reference
Policy Rate	10.50%	Apr 2026	BPRD Circular C1/2026	BPRD CL 01/2026 – Monetary Polic...
Export Finance Scheme (EFS)	Variable	Ongoing	Refinance at subsidized rate for exporters	BPRD CRMD CL 01/2026 – Cyber Shi...
Long-Term Financing Facility (LTFF)	Variable	Ongoing	Long-term loans for export-oriented sectors	SBP Export Finance Scheme (EFS)
180-Day Repatriation	Mandatory	Ongoing	Export proceeds must be repatriated within 180 days	SBP LTFF – Long-Term Finance Fac...
Raast (Instant Payments)	Real-time	2023+	Free person-to-person; B2B via bank integration	FECL 05/2026 – 180-Day Repatriat...
Digital Banking License	Regulated	2022+	BPRD C2/2022 framework for DSP licensing	Raast Instant Payment System

Indicator	Value	As Of	Notes	Reference
Policy Rate	10.50%	Mar 2026	Unchanged from Feb 2026	SBP Monetary Policy – Policy Rat...
KIBOR 12M	11.51%	Apr 2026	Inter-bank rate	SBP KIBOR Rates – Market Rates
Foreign Reserves (Total)	$21,789.6M	Apr 2026	SBP + banks	SBP KIBOR Data Sheet
PKR/USD	~279.10	Apr 2026	Interbank rate	SBP Foreign Exchange Rates
Inflation (CPI)	7.3%	Mar 2026	17-month high	SBP Weekly Statement – Reserves ...
ICT Exports H1 FY25	$1.86B	H1 FY25	+28% YoY	SBP Monetary Policy Summary PBS CPI Inflation Data PSEB ICT Export Report H1 FY25

Reference	Title	Year	Department	Key Requirement
CRMD CL01/2026	Cyber Shield - Cyber Resilience Strategy 2025-2030	2026	CRMD	Mandatory cyber resilience program for all regulated entities	https://www.sbp.org.pk/CRMD/2026... CRMD CL01/2026 - Cyber Shield
BPRD C1/2026	Teenager Account/Wallet Framework	2026	BPRD	Digital wallet for 13-17 year olds with guardian oversight	https://www.sbp.org.pk/psd/2025/... PSD C4/2025 - Tech Risk Framework
PSD C4/2025	Technology Risk Management Framework for Payment Institutions	2025	PSD	IT governance, cybersecurity, BCP. Compliance by Mar 2026	https://www.sbp.org.pk/psd/2025/... PSD C1/2025 - Raast Participation
PSD C1/2025	Raast Participation Criteria	2025	PSD	Updated rules for Raast instant payment participation	https://www.sbp.org.pk/bprd/2025... BPRD C1/2025 - Onboarding Framework
PSD C3/2025	Raast P2M QR Payment Subsidy (PKR 3.5B)	2025	PSD	Government subsidy to expand QR merchant acceptance	https://www.sbp.org.pk/psd/2023/... PSD C1/2023 - Digital Channel Do...
BPRD C1/2025	Consolidated Customer Onboarding Framework	2025	BPRD	Digital KYC/CDD standards, e-Sign, biometric verification	https://www.sbp.org.pk/psd/2019/... PSD C1/2019 - EMI Regulations
BPRD CL7/2025	VPN for SBP Hosted Portals	2025	BPRD	IT connectivity transition to VPN for Service Desk/RAS	—
PSD C1/2024	Customer Notifications for Digital Payments	2024	PSD	Push/in-app notifications replacing SMS	—
PSD C1/2023	Guidelines for Downtime of Digital Channels	2023	PSD	99.5% uptime SLA, incident reporting	—
PSD C2/2023	No Services to Unauthorized Digital Lending Apps	2023	PSD	Banks/EMIs must not serve unlicensed apps	—
PSD C3/2023	Regulations for Electronic Money Institutions	2023	PSD	Updated EMI regulatory framework	—
PSD C4/2023	Launch of Raast Person-to-Merchant (P2M)	2023	PSD	P2M payments operational	—
PSD CL6/2022	Mobile Applications Security Guidelines	2022	PSD	Secure coding, VAPT, certificate pinning	—

Details & Regulations

AUDIT CERTIFIED — MAY 2026

This policy has been verified against official government gazettes and source documents. View Audit Log

100% Verified

SBP ePRC System — Electronic Proceeds Realization Certificate

SBP has implemented the electronic Proceeds Realization Certificate (ePRC) system to streamline export documentation. All IT exporters must register for ePRC to obtain realization certificates electronically. This replaces the manual PRC process.

Source: SBP Official Website | FE Circular Letter 05/2026

FE Circulars & Regulatory FrameworkSOURCE VERIFIED

The State Bank of Pakistan (SBP) issues Foreign Exchange (FE) Circulars that govern all foreign exchange transactions, including IT export remittances. These circulars are the primary regulatory instrument through which SBP directs banks on forex procedures, export repatriation timelines, and reporting requirements.

Key circulars affecting IT exporters:

FECL 05/2026 — Current master circular governing foreign currency accounts and export proceeds. Key provisions: 180-day repatriation window, designated bank branches for IT sector, Roshan Digital Account framework, and non-resident PKR accounts.
BPRD CL 01/2026 — Cyber Shield framework for banking cybersecurity (launched March 19, 2026).
BPRD CL 09/2026 — Consolidated Customer Onboarding instructions for banks.
EPD CL 05/2026 — Foreign Currency & Non-resident Accounts regulations.
FD CL 02/2026 — Standard Operating Procedures for National Payment Councils.

Reference: SBP BPRD Circulars

Export Proceeds & Remittance RulesSOURCE VERIFIED

IT exporters must comply with SBP's export repatriation requirements. The key rules under FECL 05/2026:

Requirement	Rule	Reference
Repatriation Window	180 days from date of shipment/invoice	FECL 05/2026
Designated Bank Branches	PSEB-identified branches for IT sector facilitation	PSEB IT Policy
ePRC Registration	Mandatory for all exporters	SBP ePRC Portal
Export Proceeds Form	Form M (for goods), SBP declaration for services	SBP FECL
RDA Accounts	Non-resident accounts at preferential exchange rates	SBP RDA Framework
Reporting	Quarterly reports to PSEB on export remittances	PSEB Guidelines

Important: Export proceeds must come through official banking channels (SWIFT). Crypto payments do not qualify for 0.25% WHT under Section 152A ITO 2001.

SBP ePRC & Payment Systems</h2> <p>SBP has modernized Pakistan's payment infrastructure with several key systems relevant to IT companies:</p> <h3>Raast — Instant Payment System</h3> <p>Raast is Pakistan's instant payment system enabling real-time digital payments. Key features for IT companies:</p> <ul> <li>Instant fund transfers between banks (24/7/365)</li> <li>No transaction fees for person-to-person (P2P) payments</li> <li>Person-to-merchant (P2M) payments launching for business transactions</li> <li>QR code-based payments for easy invoicing</li> <li>API integration available for business platforms</li> <li>Website: <a href=" raast.html"="" target="_blank" www.sbp.org.pk="">raast.pk

SBP Refinance Schemes for ITSOURCE VERIFIED

Scheme	Rate	Eligibility	Max Amount
LTFF (Long-Term Financing Facility)	6-month KIBOR + 2% (as of April 2026)	IT exporters with PSEB reg.	Rs. 400M
EFS (Export Finance Scheme)	SBP refinance rate + 1.5%	All exporters	Based on export value
PM Kamyab Jawan	3-5% (tier-based)	Startups & SMEs	Rs. 5M

BPRD Circulars for IT CompaniesSOURCE VERIFIED

SBP's Banking Policy & Regulations Department (BPRD) issues circulars that IT companies must comply with when handling financial transactions:

BPRD CRMD CL 01/2026 — Cyber Shield: Banks must implement enhanced cybersecurity, conduct third-party risk assessments of IT vendors, and ensure SOC 2/ISO 27001 compliance for companies handling banking data.
BPRD CL 01/2026 — Teen bank accounts: Teenagers 13-18 can independently own/operate bank accounts and digital wallets (26 million teenagers targeted).
BPRD CL 09/2026 — Consolidated Customer Onboarding: Simplified KYC for digital account opening.

Banking Compliance for IT CompaniesSOURCE VERIFIED

IT companies opening bank accounts for export remittances must comply with:

Account Opening: SECP certificate, NTN, PSEB registration, export contract/invoice at a designated bank branch.
KYC Requirements: Full beneficial ownership disclosure, source of funds declaration, PSEB registration certificate.
Transaction Reporting: Monthly withholding statements to FBR, quarterly reports to PSEB.
Forex Compliance: All export proceeds through banking channels, ePRC for each remittance, 180-day repatriation deadline.
Suspicious Transaction Reporting: Report any suspicious transactions as per AML/CFT guidelines.

FE Forms & DocumentationSOURCE VERIFIED

IT exporters need to be familiar with key SBP forms and declarations:

Form	Purpose	When Required
Form M	Import declaration	When importing IT equipment
ePRC	Export proceeds realization	For every export remittance
SBP Declaration	IT service export declaration	With each remittance
WeBOC GD	Goods declaration	Only for hardware imports (not software exports)
FBR Withholding Statement	Monthly tax deduction report	Monthly (Section 165 ITO 2001)

Penalties for Non-ComplianceSOURCE VERIFIED

Failure to comply with SBP foreign exchange regulations carries severe penalties:

Late Repatriation: Penalties under FERA 1947 — up to 5x the amount involved plus continuing penalty of PKR 2,000/day; for SBP administrative action under Section 23K, penalties up to PKR 500,000 per contravention plus PKR 10,000/day continuing (FERA 1947, Sections 23B(4) & 23K). Non-realization beyond 180 days must be reported by Authorized Dealers; overdue beyond 270 days is reported to SBP-BSC (SBP Notification F.E. 1/2022-SB, FE Chapter 12). Potential blacklisting by SBP.
No Banking Channel: Using hawala/crypto for export remittances is illegal; penalties under FERA and PMLA.
Non-Filing of ePRC: Banks may freeze accounts; SBP may restrict forex transactions.
AML/CFT Violations: Fines up to Rs. 10M, potential criminal prosecution under AMLA 2015.
False Declaration: Criminal penalties under Foreign Exchange Regulation Act.

Reference: SBP FECL 05/2026

Digital & Payment Regulations (2023-2026)SOURCE VERIFIED

Reference	Title	Year	Key Points
CRMD CL01/2026	Cyber Shield — Cyber Resilience Strategy 2025-2030	2026	First CRMD circular. Mandates cyber resilience program for all regulated entities
BPRD C1/2026	Teenager Account/Wallet Framework	2026	New digital wallet category for 13-17 year olds
DRB License	Raqami Islamic Digital Bank — Digital Retail Bank License	2026	Third DRB license issued under new digital banking framework
PSD C4/2025	Technology Risk Management Framework for Payment Institutions	2025	Compliance deadline: March 2026. Covers IT governance, cybersecurity, BCP
BPRD C1/2025	Consolidated Customer Onboarding Framework	2025	Digital KYC/CDD standards including e-Sign, biometric verification
BPRD CL7/2025	VPN for SBP Hosted Portals Connectivity	2025	Transition to VPN for Service Desk and RAS access
PSD C1/2024	Customer Notifications for Digital Payments	2024	Push/in-app notification replacing SMS for payment alerts
PSD C2/2023	Digital Payment Services to Unauthorized Digital Lending Apps	2023	Banks/EMIs must not provide services to unlicensed lending apps
PSD C1/2023	Guidelines for Downtime of Digital Channels	2023	Uptime SLAs: 99.5% for digital channels, incident reporting requirements
PSD CL6/2022	Mobile Applications Security Guidelines	2022	Secure coding, VAPT, certificate pinning requirements

Digital Retail Bank (DRB) LicensingSOURCE VERIFIED

SBP has created a Digital Retail Bank (DRB) category — fully digital banks with no physical branches. Three licenses issued:

Bank	Year	Type	Significance
Easypaisa Bank (SBP DRB licenses, as of April 2026)	2025	Conventional DRB	First DRB license — largest mobile wallet operator in Pakistan
Mashreq Bank Pakistan (SBP DRB licenses, as of April 2026)	2025	Conventional DRB	International bank entering Pakistan as digital-only
Raqami Islamic Digital Bank (SBP DRB licenses, as of April 2026)	2026	Islamic DRB	First Islamic digital bank — Shariah-compliant digital banking

IT opportunity: DRBs need full digital infrastructure — core banking, mobile apps, cybersecurity, cloud, AI/ML. No physical branches means all operations are technology-driven. DRBs must comply with Cyber Shield, Tech Risk Framework, and all SBP digital regulations.

Teenager Account/Wallet FrameworkSOURCE VERIFIED

Per BPRD C1/2026, SBP has introduced a Teenager Account/Wallet category for 13-17 year olds with digital onboarding and guardian oversight. This creates new product requirements for:

Digital KYC/CDD with guardian linkage
Age-appropriate transaction limits and controls
Mobile app interfaces for minor account management
Biometric verification with guardian consent flows

Consolidated Customer Onboarding FrameworkSOURCE VERIFIED

Per BPRD C1/2025, SBP consolidated all previous account opening instructions into a single framework. Key IT impacts:

Smart Computerized Account Opening Interface at branches — automated digital onboarding
e-Sign and biometric verification permitted for identity verification
Turn-Around-Time (TAT) mandated for account opening — digital channels must process within defined SLAs
Sanctions screening integrated into onboarding workflows
Enhanced Due Diligence (EDD) for high-risk categories

Authorized Electronic Money Institutions (EMIs)SOURCE VERIFIED

As of January 2026, SBP authorizes 6 EMIs for commercial operations, 4 in pilot/IPA:

EMI	App	Status	Products
NayaPay	NayaPay	Commercial	Consumer/Merchant Wallets, Agent, Gateway, Acquiring
Finja	OPay	Commercial	Consumer/Merchant Wallets, Agent, Gateway
SadaPay	SadaPay	Commercial	Consumer Wallets
Akhtar Fuiou	Digitt+	Commercial	Consumer Wallets
E-Processing	OneZapp	Commercial	Consumer Wallets
Wemsol	Keenu	Commercial	Consumer Wallets
Pilot: HubPay, YAP Pakistan, Cerisma, Toko Lab
Revoked: TAG Innovation, Careem Payment Solutions, Checkout, CMPECC

Cyber Shield — Five Strategic Priorities (2025-2030)SOURCE VERIFIED

Per CRMD CL01/2026, the Cyber Shield strategy goes beyond the four priorities initially summarized. The PDF reveals five priorities with specific action items: (Federal (SBP))

Priority	Action Items	Key Outcome
1. Strengthen	Cyber-testing framework for controlled attack simulations; tiered cybersecurity regulations; maturity assessment mechanism; Zero Trust Architecture roadmap; 2-hour RTO for FMIs; designate systemically important payment systems	Improved cyber resilience; risk-based investment
2. Mature	Formalize CISO/CIO-CTO role expectations; enhance BoD cyber risk literacy; mandatory board deliberations on cyber risk	Effective cyber governance at all levels
3. Enhance	Threat intelligence & info-sharing platform; standardized IT/cyber incident reporting; FinCERT establishment; multi-year cyber exercising program	faster incident response; cross-entity collaboration
4. Develop	Cyber skills gap survey; competency roadmap & training programs for banking sector	Reduced cyber workforce gap
5. Evolve	Regular strategy review; emerging tech advisories (AI, quantum); strengthen third-party risk oversight; annual cyber threat landscape report	Adaptive, future-proof cyber programs

IT Vendors: Cyber Shield explicitly highlights third-party/supply chain risk as a top threat. IT companies serving regulated entities must expect tighter vendor oversight, mandatory security certifications, and participation in FinCERT threat sharing when operational. (Federal (SBP))

Consolidated Customer Onboarding Framework — Digital Onboarding DetailsSOURCE VERIFIED

Per BPRD C1/2025, the consolidated framework provides detailed digital onboarding provisions: (Federal (SBP))

Remote (Non-Face-to-Face) OnboardingSOURCE VERIFIED

SBP REs may open accounts/wallets remotely via:

Website/portal
Mobile application
Digital kiosks
Any other technological/digital medium per approved policies following comprehensive risk assessment

Digital onboarding limited to: CNIC/NICOP/POC/POR/ARC holders

Identity Verification MethodsSOURCE VERIFIED

Biometric Verification (finger/thumb or facial recognition)
NADRA Verisys copy
Copy of valid ID document (verified original or notarized/apostille for foreign nationals)
Expired ID: Account may be opened with NADRA receipt/token + expired ID; renewed copy within 3 months

Key Onboarding Data Requirements (Natural Persons)SOURCE VERIFIED

Category	Required Information
Basic Info	Full name, mother's maiden name, DOB, place of birth, father/spouse name, gender
ID Document	ID number, issue/expiry date, passport (foreign nationals)
Contact	Current mailing address, permanent address, cell number, email, emergency contact
FATCA/CRS	Resident/non-resident status, tax residencies, nationalities
Source of Income	Profession, purpose of account, beneficial owner details

Entity OnboardingSOURCE VERIFIED

For corporate/business accounts, SBP requires: entity registration details, tax registration, list of persons associated (authorized signatories, beneficial owners with 20%+ ownership, or 10%+ for EDD cases), board members, nature of business, and purpose of account.

Turn-Around-Time (TAT)SOURCE VERIFIED

SBP mandates specific TAT for account opening — digital channels must process within defined SLAs. Smart Computerized Account Opening Interface at branches must automate the onboarding process.

Business Conduct & Fair Treatment Regulatory Framework (BCFRF)SOURCE VERIFIED

SBP’s BPRD C4/2025 (BCFRF) establishes consumer protection standards with specific data protection provisions: (Federal (SBP))

Pillar	Key IT-Relevant Provisions
Pillar 4: Data Protection & Privacy	General rules for data collection/processing; customer consent management; confidentiality & anonymization of customer data; security of customer data under third-party arrangements; data breach notification requirements
Pillar 5: Dispute Resolution	Complaint handling mechanism with defined TAT; FIs must resolve digital banking fraud complaints within stipulated time; call center management standards; digital fraud information collection
Pillar 2: Disclosure & Transparency	Key Facts Statement (KFS) mandatory; credit card summary box; standardized terms & conditions; advertising standards

Security & Fraud Liability FrameworkSOURCE VERIFIED

Per PSD C4/2025 (TRM Framework), SBP has established clear fraud liability rules for payment institutions: (Federal (SBP))

Scenario	Liability
Dispute not lodged within 30 min of customer complaint	Originating PI liable for all customer losses
Customer unable to lodge dispute (channel unavailable)	Originating PI fully liable
Disputed funds not blocked in beneficiary account within 30 min	Beneficiary PI liable for all customer loss
False customer registration (controls absent/improper)	Responsible PI bears full liability
PI cannot prove transaction from registered device	PI liable to compensate customer
Delayed transaction alerts	PI fully liable for resulting customer losses
Data breach causes financial loss	Bank/PI must compensate within 2 business days (PSD C9/2018)

PRISM & RTGS UpdatesSOURCE VERIFIED

SBP is transitioning government security auctions and open market operations to PRISM+ (upgraded Real-Time Gross Settlement system): (Federal (SBP))

All OMO bids to be submitted through PRISM+
Government security (MTB/PIB) auctions moved from Bloomberg to PRISM+
PRISM Operating Rules (PORs) version 2.0 in effect
NCCPL designated as special participant of PRISM
Direct membership of RTGS now available for Islamic Banking branches

SBP Key Initiatives for IT SectorSOURCE VERIFIED

Roshan Digital Account

For: Non-Resident Pakistanis & IT freelancers abroad

Benefits: 1% better exchange rate, digital account opening, PSX/NPC investment, property purchase

Banks: HBL, UBL, MCB, Bank Alfalah, Meezan, etc.

Open RDA Account →

Raast Instant Payments

For: All individuals and businesses

Benefits: Real-time P2P payments (free), P2M payments, QR-based invoicing

Integration: API access for business platforms

Learn More →

Policy Rate: 10.50% (as of April 2026) (Federal SBP)

Effective: March 9, 2026 (unchanged)

Impact: KIBOR 12M at 11.51%, PIB 5Y at 12.50%

For IT: Higher rates = PKR stability, better for export remittances

Liquidity: SBP injected Rs. 13.68T (Apr 4, 2026)

SBP Cyber Shield

Launched: March 19, 2026 (BPRD CRMD CL 01/2026)

Scope: Banking sector cybersecurity framework

IT Impact: Vendors to banks need SOC 2/ISO 27001, third-party risk assessments mandatory

Learn More →

Raast P2M QR Subsidy — PKR 3.5BSOURCE VERIFIED

Per PSD C3/2025: (Federal (SBP))

Subsidy rate: 0.5% of transaction value or PKR 100/txn (whichever lower), shared equally MSP/CSP
Eligibility: Raast P2M QR transactions September 2025 – June 2026
Claims: Quarterly, via Raast.Itoc@sbp.org.pk, verified by internal audit

EMI Wallet LimitsSOURCE VERIFIED

Wallet Type	Monthly Credit	Max Balance
Basic E-Money Wallet	PKR 40,000	PKR 20,000
Enhanced E-Money Wallet	PKR 400,000	PKR 200,000
Basic Minor Wallet (under 18)	PKR 37,000	PKR 10,000
Enhanced Minor Wallet (under 18)	PKR 100,000	PKR 50,000

Payment Card & Digital Payments SecuritySOURCE VERIFIED

Regulation	Key Point
PSD C9/2018	3rd-party VAPT mandatory; free SMS+email transaction alerts; biometric for internet banking activation; data breach notification within 48hrs; compensation within 2 business days (Federal (SBP))
PSD C5/2016	Payment card security framework; EMV compliance; fraud & dispute resolution management (Federal (SBP))
PSD C3/2015	Internet banking security; 2FA; IDS/IPS; breach response (Federal (SBP))

Key Banking Statistics (April 2026)SOURCE VERIFIED

Metric	Value	Source
Policy Rate	10.50% (Federal SBP) (as of April 2026)	SBP
KIBOR 12M	11.51% (as of April 2026)	SBP
PIB 5Y Yield	12.50%	SBP
Foreign Reserves	$21.79B (SBP $16.38B + Banks $5.41B)	SBP
PKR/USD	~279.10	SBP
SBP Liquidity Injection	Rs. 13.68T (Apr 4, 2026)	SBP
Adult Bank Account Ownership	67%	SBP
Teen Population (13-18)	26 million	SBP

Complete Banking Guide: See the Banking & Payments Complete Guide for FX rules, RDA, and PRC requirements.

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Key SBP Source Legislation (Full PDFs) FROM PDF ARCHIVE

Document	Year	Key Points (from PDF)
Digital Banks Framework	2022	DRB (PKR 1.5B → 2B → 4B MCR phased), DFB (PKR 6.5B → 10B), 4-stage licensing (NOC → IPA → Pilot → Commercial), 3-year transition, EMI conversion to DRB pathway
EMI Regulations (Revised 2023)	2023	PKR 200M min capital, tiered ongoing capital by OEB, enhanced wallets up to PKR 1M, minor wallets (basic PKR 50K / enhanced PKR 400K for freelancer minors), escrow services, 2FA mandatory, trust account at A+ rated bank
PSO/PSP Rules 2014	2014	Foundation for payment system licensing — PSO/PSP definitions, capital requirements, governance, agent management, interoperability, and SBP oversight framework
SBP Regulatory Sandbox Guidelines	2019	Thematic cohorts, open to non-licensed entities (fintechs, telcos, startups), 4-stage lifecycle (Application → Evaluation → Testing → Exit), Innovation Hub as front door, Sandbox Committee (Deputy Governor-chaired)
EFT Regulations 2018	2018	Electronic fund transfer rules — IBFT, instant payments, transaction monitoring, dispute resolution, security requirements
SBP Forex Retention PR (Oct 2023)	2023	IT exporter forex retention 35% → 50%; Freelancer framework: USD 5,000/mo retention; Debit cards on ESFCAs; No SBP approval needed for ESFCA payments

Digital Banks — Phased MCR from Framework PDF FROM PDF

Bank Type	MCR at Pilot License	MCR at Commercial Launch	MCR Year 1	MCR Year 2	MCR Year 3
Digital Retail Bank (DRB)	PKR 1.5 Billion	PKR 2 Billion	PKR 2.5 Billion	PKR 3 Billion	PKR 4 Billion
Digital Full Bank (DFB)	PKR 6.5 Billion	N/A (must meet DFB MCR)	PKR 8 Billion	PKR 10 Billion	—

Licensing Stages: Pre-Application → Application (PKR 1M fee) → NOC → SECP Incorporation → IPA (12-month validity) → Operational Readiness → Pilot (3-9 months, restricted license) → Commercial Operations → 3-Year Transition Phase

EMI to DRB Conversion: EMIs with 1+ year DFS experience may apply to transform into DRBs. Pilot phase operation period counts toward experience requirement.

Source: Licensing & Regulatory Framework for Digital Banks (PDF) (Federal (SBP))

EMI Capital Requirements — From Revised 2023 Regulations FROM PDF

Average Daily Outstanding E-Money Balance (OEB)	Minimum Ongoing Capital
Up to PKR 4 Billion	PKR 200 million
PKR 4B – PKR 10B	PKR 200M + 5% of OEB exceeding PKR 4B
PKR 10B – PKR 20B	PKR 500M + 7.5% of OEB exceeding PKR 10B
Above PKR 20 Billion	PKR 1.25B + 10% of OEB exceeding PKR 20B

Security Deposit: 10% of required capital at SBP BSC (5% non-remunerative current account + 5% government securities under lien).

Source: Regulations for EMIs (Revised June 2023, PDF) (Federal (SBP))

EMI Wallet Limits — From Revised 2023 Regulations FROM PDF

Wallet Type	Monthly Load Limit	Cash Withdrawal	Verification Required
Pilot Operations	PKR 50,000 (CNIC) / PKR 200,000 (Biometric)	PKR 10,000/day	NADRA VeriSys or Biometric
Commercial Operations	PKR 50,000 (CNIC) / PKR 400,000 (Biometric)	PKR 10,000/day (CNIC); Risk-based (Biometric)	NADRA VeriSys or Biometric
Enhanced Wallet	Up to PKR 1,000,000	Risk-based	Income proof, CNIC/SIM pairing, TMS, detailed risk profiling
Basic Minor Wallet (under 18)	PKR 50,000	PKR 10,000/day	Linked to parent/guardian wallet
Enhanced Minor Wallet (Freelancers under 18)	PKR 400,000	PKR 10,000/day	Biometric, parent/guardian undertaking

Wallet Limit Exclusions: Fully licensed EMIs with proven track record may apply to exclude: employer salary credits, inward remittances up to PKR 1.5M, and utility bill payments from wallet limits.

Source: Regulations for EMIs (Revised June 2023, PDF) (Federal (SBP))

Recently Added SBP Circulars & Guidelines

PSD CL1/2025 — Enhancing Digitization — 25% digital transaction growth targets by 2028, mandatory digital onboarding & real-time notifications.
Clearing Operations Guidelines — Same-day/overnight/intercity clearing batch procedures for payment system operators.
1Link Clearing Settlement via RTGS — Transaction clearing frequency and settlement protocols for ATM, IBFT, POS, BPS.
NCCPL/PRISM Settlement — Capital markets multilateral net settlement through PRISM, twice-daily batches.
RTGS for Islamic Banking Branches — PRISM setup requirements: separate CPU, DR/BCP, network connectivity.
PRISM+ OMO Enhancements (2025) — OMO notices on Refinitiv/Bloomberg/PRISM+, updated bidding processes.
Draft White Label ATM Guidelines — PSP-owned ATM operations: services, readiness, cash management, settlement.
ATM Standardisation (2006) — Foundational ATM interoperability and network rules.
Mobile Banking MFB Guidelines — Operational and security guidelines for microfinance mobile banking.
MCC Codes for Card Acceptance — Mandatory acceptance at government, education, fuel, hospital merchants.
Customer Notifications via Mobile — Free real-time SMS and push alerts for digital payments.

Additional SBP Sources — Newly Ingested from PDF Archive

DFS Innovation Challenge Facility (April 2019) — SBP guidelines for fintech innovation challenges covering digital financial services, branchless banking, and digital transacting accounts. Relevant for IT/ITeS firms exploring DFS partnerships and digital payment solutions.
List of Authorized EMIs (Updated January 2026) — Official roster of SBP-licensed Electronic Money Institutions (NayaPay, Finja/OPay, SadaPay, Digitt+, OneZapp, Keenu) with approved products and services.
Raast P2M Payment Acceptance Rules — Rules governing Raast person-to-merchant QR-based payment acceptance, essential for IT firms integrating merchant payment solutions.
PRISM Operating Rules 2018 (Version 2.0) — Operating rules for Pakistan RTGS covering participant categories, transaction types, settlement procedures, intraday liquidity, and dispute resolution. Vital for IT systems interfacing with high-value real-time settlement.
Regulatory Approval System (RAS) User Manual — SBP online portal user manual for PSO/PSP/EMI license applications, tracking, and compliance document submission.
Guidelines for White Label ATM Operators — SBP guidelines for WLA operator licensing, operations, and compliance — relevant for IT companies in shared ATM infrastructure and payment network operations.

SBP — State Bank of Pakistan

Key Data & Rates

SBP Key Rates & Schemes

SBP Key Rates and Statistics (April 2026)

SBP Digital & Payment Regulations (2023-2026)

SBP Payment Processing for IT Exports

Open Corporate Bank Account

Register for FFR/PRCL

Receive Foreign Payment

Bank Issues FFR/PRCL

Claim 0.25%/1% WHT

File with FBR

Maintain Records