Digital banks in Pakistan compared: who is licensed and what each offers

As of October 2026, three digital banks hold a full licence to operate in Pakistan: Easypaisa Bank, Mashreq Bank Pakistan and Raqami Islamic Digital Bank. HugoBank is in a limited pilot, and KT Bank had only reached in-principle approval. There is no single best digital bank in Pakistan. On savings, Raqami paid 10.50% to 11.50% in September 2026 and Mashreq’s Islamic account 10% to 11.50% in August 2026.

What is a digital bank in Pakistan?

A digital bank is a bank licensed by the State Bank of Pakistan (SBP) that serves you through an app, the internet, ATMs and call centres instead of branches. SBP set the rules in January 2022 and limited the first round to five licences.

There are two kinds. A Digital Retail Bank serves individuals. A Digital Full Bank can also serve companies, but only an existing Digital Retail Bank can apply for that licence. All the banks below are Digital Retail Banks.

Digital banks don’t need branches. They can still use agents, other banks’ branches and up to 25 “smart branches” with minimal staff for basic cash and non-cash services. These must close within seven years of launch.

How does a digital bank get a licence?

Each bank goes through the same stages. A bank in the pilot stage is not yet open to the public.

During the pilot, the bank can’t widely seek deposits from the public and doesn’t have to be a member of the Deposit Protection Corporation (DPC).

Which digital banks are licensed in Pakistan?

The DPC’s March 2026 member list names the same three digital banks: Easypaisa Bank, Mashreq Bank Pakistan and Raqami. The News reported on 13 September 2026 that three of the five 2023 applicants had started commercial operations.

Which is the best digital bank in Pakistan?

It depends on what you want. Here is what the two banks with published rates and fees charged, as of their July to December 2026 schedules:

Mashreq’s card fees exclude tax. Islamic profit rates are the actual Mudaraba profit paid for that month, not a fixed promise. Raqami’s savings rate was 7.30% in December 2025, so rates can move a lot.

To compare these with ordinary banks, see savings account profit rates.

What does each digital bank offer?

Mashreq Bank Pakistan

Owned by Mashreq of the UAE. Its personal app is called Mashreq NEO, and NEOBiz is for small businesses. You need to be 18 or over with a valid CNIC, and you open the account in the Mashreq app.

It offers Islamic accounts and a conventional NEO Savings Account, which paid 10% on all balances from 1 May 2026. The Islamic Current Profit Account paid 5% in August 2026, though its product page now shows an indicative “up to 2%”. Mashreq also says it will let overseas Pakistanis in the UAE open accounts in Pakistan.

Raqami Islamic Digital Bank

Backed by the Kuwait Investment Authority, and Islamic only. Products are a current account, a Mudaraba savings account, savings “pots” and Mudarabah certificates from 7 days to 1 year. In September 2026 the 1-year certificate paid 11.50% and the 7-day one 10.00%.

You open the account in the Raqami app with your CNIC, a selfie and biometric check. It is for Pakistani residents aged 18 or over. Accounts for companies and minors aren’t available yet. The PayPak card allows up to Rs 2 lakh a day in ATM cash.

Easypaisa Bank

Formerly Telenor Microfinance Bank, with Ant Group as a sponsor. It was the first digital bank licensed to start commercial operations, on 28 January 2025. Its website lists the Asaan Digital Account, wallet transfers, Raast, bill payments, microfinance loans and savings accounts. Its Super Saver account opens with as little as Rs 100 (as of January 2026).

We couldn’t open easypaisa.com.pk on 10 October 2026, so the details above come from an Internet Archive copy from January 2026. We couldn’t check its current profit rates or fees. For the wallet side, see Easypaisa vs JazzCash.

HugoBank

Sponsored by Getz, Atlas Consolidated and Muller & Phipps Pakistan. HugoBank announced State Bank approval for a pilot on 5 August 2026. In September 2026 its CEO told The News the pilot had started with employees and would widen to consortium members before it seeks a commercial licence. The public can only join a waitlist on its website.

KT Bank Pakistan

Sponsored by Kuda Technologies, Fatima Fertilizer and City School. It got in-principle approval in September 2023, and we found no pilot licence. Fatima Group’s website now presents an Islamic digital bank called Buraq Bank, which it says has in-principle approval. We found no State Bank notice confirming that Buraq Bank is KT Bank renamed.

Is a digital bank safe?

The three licensed digital banks hold SBP banking licences and are regulated by SBP. All three are DPC members. If SBP declares a member bank failed, the DPC repays eligible deposits up to Rs 10 lakh per depositor per bank.

If you hold more than Rs 10 lakh, splitting it across banks keeps more of it inside the protected limit, because the limit applies per bank.

Digital bank, bank app or wallet: what’s the difference?

• Digital bank: a full bank with a banking licence and no need for branches. Savings accounts, debit cards and transfers through an app.
• Ordinary bank app: an account at a bank with branches, used through its app. See the best bank in Pakistan for branch banks.
• Wallet or payment app: see NayaPay vs SadaPay for their limits and fees.

If you live abroad, see investing through a Roshan Digital Account. Freelancers can compare options in freelancer payment methods.

More guides: Banking & Payments, credit cards compared, Money.