Last updated: 7 November 2026 (Asia/Karachi). Licence status for digital banks in Pakistan checked against State Bank of Pakistan notifications, a Deposit Protection Corporation circular and the banks’ own sites. The old 2025 pilot story is now outdated.
In this guide
The race to open the digital banks in Pakistan has moved from pilot talk to real licences. By November 2026, three of the five applicants that the State Bank of Pakistan (SBP) shortlisted in 2023 hold Digital Retail Bank licences: Easypaisa Bank, Mashreq Bank Pakistan and Raqami Islamic Digital Bank. HugoBank is running a controlled pilot, and KT Bank Pakistan has no commercial licence notice on the official pages checked for this update.
Digital banks in Pakistan: licence status in November 2026
| Bank | Stage | Official evidence |
|---|---|---|
| Easypaisa Bank Limited | Digital Retail Bank licence | SBP notification No. BPRD(B&DBD)/00496/2025, listed in DPC Circular Letter 03 of 2025 |
| Mashreq Bank Pakistan Limited | Digital Retail Bank licence, scheduled bank from 15 September 2025 | SBP notification No. BPRD(DBD)/4305/2025 |
| Raqami Islamic Digital Bank Limited | Digital Retail Bank licence, scheduled bank from 6 February 2026 | SBP BPRD notification of 9 February 2026 |
| HugoBank | Controlled pilot under SBP approval | Notice on the HugoBank website |
| KT Bank Pakistan | No commercial licence notice found | Not listed in the SBP or DPC documents checked |
A scheduled bank is one SBP has formally added to its schedule of banks under Section 37 of the SBP Act 1956. For customers comparing digital banks in Pakistan, that step is the clearest sign that a digital bank has moved past testing.
Which was Pakistan’s first full digital bank?
The 2024 headline on this page described Mashreq preparing for a pilot. What happened next is different from that forecast. Easypaisa Bank, formerly Telenor Microfinance Bank, converted under the SBP framework and received a Digital Retail Bank licence in 2025. Mashreq then became a scheduled digital bank on 15 September 2025, and Raqami followed on 6 February 2026.
Raqami describes itself as the first fully digital Shariah compliant retail bank among digital banks in Pakistan. Easypaisa was the only applicant that already ran a large mobile wallet, which explains why it did not need a long new pilot.
Are deposits in digital banks in Pakistan protected?
Deposit protection is the question most savers ask first about digital banks in Pakistan. The Deposit Protection Corporation, a subsidiary of SBP, says in its Circular Letter 03 of 2025 that Easypaisa Bank and Mashreq Bank Pakistan became member institutions from 1 October 2025 after receiving their Digital Retail Bank licences.
Membership means eligible deposits fall under the DPC scheme up to the limit the corporation publishes. Check the current limit and the member list on dpc.org.pk before you move large savings, and confirm whether Raqami appears on the latest list, because it was licensed after that circular.
Pilot stage: HugoBank and KT Bank
HugoBank states on its own website that it has SBP approval to start controlled pilot operations. A pilot is the stage every one of the digital banks in Pakistan must pass. It means only approved participants can open accounts, so a public sign-up form is a waitlist, not a full bank account.
KT Bank Pakistan was one of the five names that received SBP’s in-principle approval in 2023. We found no pilot or commercial licence notice for it on the SBP and DPC pages reviewed for this update. Treat any message claiming to open a KT Bank account today as unverified.
How digital banks in Pakistan differ from branch banks
- No branch network: account opening, cards and support run through an app with biometric checks against NADRA records.
- Same regulator: SBP supervises digital banks in Pakistan under prudential rules, just like conventional banks.
- Focus on small savers, freelancers and small businesses, according to the banks’ own launch statements.
- Card and transfer limits can start low and rise as your account level and verification improve.
- Raast transfers to and from other banks work through the SBP instant payment system when the bank is connected.
Seven checks before you open an account
- Download the app only from the bank’s official website link or the verified store listing.
- Search the SBP notifications page for the bank’s licence or scheduled bank notice.
- Check the DPC member list for deposit protection.
- Read the schedule of charges inside the app before you fund the account.
- Never share an OTP or PIN, even with someone claiming to be bank staff.
- Keep a second account at a branch bank until you trust the digital service with salary and bills.
- Report fraud to the bank first, then to the SBP complaint channel if it is not resolved.
For background on the Easypaisa ownership story, read our guide on Telenor, Ant Group and Easypaisa. If you send money across borders, our Raast cross-border payments explainer covers the instant payment rail these banks plug into.
What to watch next for digital banking
Three milestones will decide how quickly digital banks in Pakistan grow: whether HugoBank moves from pilot to a commercial licence, whether KT Bank Pakistan publishes a timeline, and how SBP’s draft open banking rules, released for consultation in late October 2026, shape data sharing between apps. Each step will appear first as an SBP notification or press release, so bookmark those pages instead of relying on forwarded screenshots.
Frequently asked questions
How many digital banks in Pakistan are licensed in 2026?
Three hold Digital Retail Bank licences on the official records checked: Easypaisa Bank, Mashreq Bank Pakistan and Raqami Islamic Digital Bank. HugoBank is in a controlled pilot.
Which was Pakistan’s first full digital bank?
Among digital banks in Pakistan, Easypaisa Bank received a Digital Retail Bank licence in 2025, before Mashreq became a scheduled digital bank in September 2025 and Raqami in February 2026.
Is Raqami Islamic Digital Bank Shariah compliant?
Raqami describes itself as a fully digital Shariah compliant retail bank. SBP declared it a scheduled bank with effect from 6 February 2026.
Can I open a HugoBank account now?
Only approved pilot participants can, according to the HugoBank website. Wider opening depends on further SBP approval.
Are my deposits safe in a digital bank?
Easypaisa Bank and Mashreq Bank Pakistan became Deposit Protection Corporation members from 1 October 2025. Check dpc.org.pk for the current coverage limit and member list.
Is KT Bank Pakistan operating?
We found no pilot or commercial licence notice for KT Bank Pakistan on the SBP and DPC pages checked on 7 November 2026.
