The State Bank of Pakistan confirmed that five digital retail banks are on track to launch operations in 2026, marking a transformative moment for the country's financial sector. With only 30% of Pakistan's adult population currently having formal bank accounts, digital banks aim to bridge this gap through mobile-first services.
The Licensed Players
- Hugo Bank (backed by Getz Pharma) — targeting freelancers and gig workers
- Raqami Islamic Digital Bank — Shariah-compliant digital banking
- KT Bank — backed by Korean telecom giant KT Corporation
- EasyPay Digital Bank — leveraging Telenor's Easypaisa network
- Mashreq Digital Bank — UAE banking giant entering Pakistan market
What This Means for You
Digital banks will offer higher savings rates (11-13% expected), zero minimum balance requirements, instant account opening via CNIC verification, and seamless UPI-like payments. Competition is expected to drive down fees and improve service quality across the entire banking sector.