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The State Bank of Pakistan has allowed exchange companies to use Raast for home remittances. Beneficiaries can now receive funds directly into bank accounts and digital wallets. The move supports SBP’s goal of inclusive and innovative digital finance.
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The State Bank of Pakistan (SBP) has permitted exchange companies to utilise Raast, the country’s instant payment system, to facilitate home remittances as part of its Strategic Plan 2023-28. The initiative aims to strengthen Pakistan’s digital finance ecosystem by promoting faster, safer, and more inclusive payment channels.
Under the new arrangement, remittance beneficiaries will be able to receive funds directly into their bank accounts and digital wallets held with banks, micro-finance banks, and electronic money institutions. This integration is expected to enhance convenience, reduce transaction costs, and improve transparency in remittance flows.
Raast, launched in 2021, has been a cornerstone of Pakistan’s digital payments infrastructure, enabling real-time, low-cost transfers across the financial system. Extending its use to exchange companies broadens access to formal financial services, particularly for individuals who rely on remittances.
The SBP said the move aligns with its broader objective of fostering financial inclusion, encouraging digital payments, and supporting innovation across the country’s financial sector.
