Over the past few years, Pakistan’s digital banking sector has been developing slowly but surely. Back in 2023, the State Bank of Pakistan (SBP) approved five digital retail banks, issuing no-objection certificates to HugoBank, KT Bank Pakistan (now Buraq Bank), Mashreq Bank Pakistan, Raqqami Islamic Digital Bank, and Telenor Microfinance Bank.
Since then, based on the list of SBP-regulated entities, three digital banks in Pakistan are now in operation: Easypaisa Bank Limited, Mashreq Bank Pakistan Limited, and Raqami Islamic Digital Bank Limited.
For consumers searching for the best digital bank in Pakistan, their pick depends on whether they prioritise breadth of services, Islamic banking features, or business banking capabilities.
Last updated: 16 April 2026
Easypaisa Bank Limited
Easypaisa was founded in 2009 and backed by Telenor Group and Ant Group (the company behind China’s Alipay).
It has since developed into a comprehensive digital banking platform serving 55+ million users, according to its website, including 31% women, a meaningful push toward financial inclusion.
The bank delivers its services and solutions via a mobile app that handles everything from term deposits to micro-enterprise loans. Users can transfer money through various methods, including NayaPay, Computerised National Identity Card (CNIC) transfers, Raast ID, and QR payments.
For those who require debit cards, Easypaisa offers its personal banking customers virtual or physical cards that enable withdrawals at 16,000+ ATM machines. The cards can also be used to shop at 90,000+ stores, and are powered by either Visa, UnionPay, or PayPak.
The digital bank also offers zakat declaration, term deposits, savings pockets, BNPL, easycash loans, and an insurance marketplace for its retail customers. There’s also a daily rewards feature that offers users incentives for regularly engaging with their account.
Next, on its business end, Easypaisa offers a dedicated suite of tools aimed at merchants, traders, and farmers, too. Businesses can open an account with digital onboarding and manage finances through an e-banking portal with real-time transaction visibility.
The platform handles salary disbursements, bulk vendor payments, cash collection management, and more. On the lending side, the microfinance loan portfolio covers small businesses, growing operations, dairy loans for agricultural businesses, and even a dedicated Karobari Qarza product tailored for women-led businesses.
Mashreq Bank Pakistan Limited
Mashreq Bank in Pakistan advertises itself as an “Islamic-first, digital-first” bank backed by the UAE-based Mashreq Group. The bank shares that its mission is to drive Pakistan’s next chapter of growth through smarter, more accessible financial services.
Mashreq NEO delivers its services through a mobile app. The bank says customers can open an account in as little as five minutes by simply verifying their Computerised National Identity Card, with no minimum balance required to open or maintain an account.
Mashreq NEO offers Islamic and conventional account options, ranging from its flagship Islamic Current Profit Account and Islamic Savings Account to the conventional NEO Savings Account and finally, the Mashreq Pakistan Account, described as a way to live in the UAE and bank in Pakistan digitally.
The bank also issues a PayPak Debit Card that comes with built-in life insurance or Takaful coverage. The card also unlocks offers at 30,000+ merchants across 158 cities in Pakistan.
Fraud protection is included, covering each card for up to PKR 30,000 against instances like fraudulent transactions while the card is in the customer’s possession, unauthorised charges from lost or stolen cards, and digital fraud.
Mashreq NEO BIZ, meanwhile, delivers real-time account management, including payment and collection solutions, as well as debit cards.
Customer support is available around the clock through the Mashreq Virtual Assistant.
Raqami Islamic Digital Bank
Raqami Islamic Digital Bank (RIDB) is backed by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait Investment Authority.Â
Their core retail offerings cover a Current Account for everyday transactions (funds held as Qard), a Savings Account where profits are earned through a Mudaraba partnership, and a Term Deposit product for fixed-tenure investments ranging from 7 days up to one year.
RIDB also offer Saving Pots, a goal-based in-app savings feature with options like round-up savings and a 52-week challenge. On top of that, customers get a PayPak debit card with access to 19,000+ ATMs, acceptance at 140,000+ retail outlets, and built-in Takaful (Islamic insurance) coverage.
As for business offerings, RIDB recently secured its commercial banking licence in February 2026.Â
HugoBank (Coming Soon)
HugoBank aims to provide accessible financial services to all Pakistanis regardless of socio-economic background. The bank is a consortium which includes Singapore-headquartered Atlas Consolidated.
HugoBank’s proposed offering includes transparency on fees in its banking solutions, bill payments, budgeting tools, automated savings and wealth-building features.
The platform is currently in its beta phase, with the app available to a limited set of early users. Prospective customers can join a waitlist via the HugoBank website to secure early access and provide feedback that will shape the app.
Buraq Bank (Coming Soon)
While it’s still in its pre-launch phase, Buraq Bank Pakistan Limited, formerly KT Bank, is another emerging Islamic digital bank in Pakistan.
The bank intends to offer a number of banking solutions, ranging from accounts to instant transfers and other forms of digital banking experiences.
A community waitlist is open on its website, inviting prospective customers to register ahead of launch. As of April 2026, Buraq Bank remains in its pre-launch stage, with no products yet publicly available.
Which Is the Best Digital Bank in Pakistan?
For consumers searching for the best digital bank in Pakistan, the answer depends on whether they prioritise breadth of services, Islamic banking features, or business banking capabilities. There is no single best digital bank in Pakistan for every user, but Easypaisa currently stands out for the breadth of its offering, while Mashreq and Raqami each serve more specific needs.
Easypaisa’s product suite, which spans retail savings, BNPL, insurance, and dedicated microfinance lending for businesses and farmers, functions almost like a full-service mobile financial platform.
Mashreq Bank Pakistan and Raqami Islamic Digital Bank, by contrast, are still in the early stages of building their customer bases, but each brings a distinct angle. Mashreq pitches itself as “Islamic-first, digital-first” while also offering conventional accounts, making it the only one of the three to explicitly cater to both segments.
Raqami, meanwhile, has all products structured around Islamic finance principles, and its recent commercial banking licence (secured in February 2026) signals that it is beginning to move beyond retail into business banking.
On lending, Easypaisa leads by a significant margin. Its microfinance loan portfolio is the most developed of the three, while Mashreq and Raqami remain largely focused on deposits and payments at this stage.
What Comes Next for Pakistan’s Digital Banking Scene?
Pakistan’s digital banking sector is still growing, even as players like HugoBank and Buraq Bank have yet to move into full operations.
The broader macroeconomic context is working in Pakistan’s favour. A recent report from Arab News indicated that the country’s digital banking users have surpassed 127 million, a given as the government steers towards a cashless society.
Raast, Pakistan’s instant digital payment system, has processed roughly $72 million since its launch back in 2021. Although it is still a cash-dominated country, the State Bank of Pakistan aims to ensure that transactions become easily traceable to curb corruption and tax evasion challenges.
One initiative for this shift is a cashless model across the country’s airports, where only digital service providers can deliver services to consumers there.
Another is a new regulatory framework that allows teenagers to independently own and operate bank accounts and digital wallets, in a bid to promote financial inclusivity.
Frequently Asked Questions (FAQ)
What are the digital banking options in Pakistan?
There are three digital banks available in Pakistan:Â Easypaisa Bank Limited, Mashreq Bank Pakistan Limited, and Raqami Islamic Digital Bank Limited.
Are these digital banks safe? Are they regulated?
Yes, if you’re wary and only use digital banks that are regulated by the State Bank of Pakistan and appear on the SBP’s official list of regulated financial institutions.
What is the difference between a digital bank and a conventional bank with a mobile app?
A digital bank tends to operate exclusively through digital channels with no physical branches. A conventional bank usually maintains a branch network alongside its digital services. The two operate under different regulatory frameworks.
What is an Islamic digital bank?
An Islamic digital bank delivers modern, fully online banking services built on Shariah-compliant principles.
Featured image edited by Fintech News Singapore based on images by razahameed and altervelt on Freepik
