Mashreq launches NEO BIZ, a digital business account for Pakistani small firms
The bank says sole proprietors and self employed professionals can open an account on its app in about 10 minutes, with no branch visit.
Mashreq Bank Pakistan has launched NEO BIZ, a mobile business account for small and medium firms, sole proprietors and self employed professionals. The bank says an account can be opened through its app in about 10 minutes, without a visit to a branch or an office.
The pitch is one app for the account and for everyday payments, aimed at traders and professionals who find conventional business accounts slow to open. It arrives as digital channels carry most of the country's retail payments. The State Bank of Pakistan's annual payment systems review, published on 6 October, put digital channels at 92 percent of the 14.3 billion retail transactions made through formal banking channels in the 2025 to 2026 fiscal year, up from 88 percent a year earlier. Of those transactions, 13.2 billion went through digital channels, and banks' mobile app users reached 30.4 million. The review also counted 337,791 point of sale terminals across 295,367 merchant locations.
What the account includes
Account holders get a cheque book, fund transfers, bill payments and a debit card at no charge. The daily transfer limit is Rs30 million. ATM withdrawals are free: according to Mashreq's product page, the standard 1Link fee is reimbursed within a week, and the debit card works at Askari Bank ATMs for up to Rs100,000 a transaction. The page lists an Islamic Current Account and an Islamic Savings Account, both Shariah compliant, with no minimum balance to open or maintain either, plus bookkeeping and QR code payments for merchants.
Who can open one
Eligibility is narrow. Applicants must be Pakistani sole proprietors or self employed individuals with a valid CNIC and an active National Tax Number, and they must appear on the Federal Board of Revenue's Active Taxpayer List. The account is opened through the Mashreq Biz Pakistan app.
Plans for the platform
Muhammad Hamayun Sajjad, chief executive of Mashreq Bank Pakistan, described the platform as "built specifically for the realities of this market". Syed Jaffar Abbas Shirazi, head of NEO BIZ, said the bank's approach is to put a business's financial tools in a single integrated platform.
The planned additions include business debit and virtual cards, payroll, invoice based payments and transaction analytics. Through Banking as a Service and partnerships, the bank also plans to connect NEO BIZ to supply chain services, tax facilitation and cash flow based financing. It will be sold through digital channels, strategic partners and physical touchpoints.
