SBP allows to Raast for Home Remittances payments in Pakistan. The State Bank of Pakistan (SBP) has announced a major step to modernize the country’s remittance system by allowing exchange companies to connect with Raast. The central bank’s instant digital payment platform.
Under the new framework, exchange companies key players in sending remittances from overseas can now route funds through Raast. This enabling beneficiaries to receive money faster, more securely, and directly into their bank accounts, microfinance accounts. Or digital wallets maintained with electronic money institutions. Raast, launched by the SBP in 2021, is design to support instant, low‑cost. And interoperable digital payments across Pakistan’s financial system. Extending Raast access to exchange companies is seen as a significant expansion of the platform’s reach in the remittance ecosystem.
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According to SBP officials, this move will improve convenience for both remitters and beneficiaries. While supporting Pakistan’s broader shift toward a cashless economy. It also aligns with the central bank’s Strategic Plan 2023–2028. Which prioritizes building an inclusive and modern digital financial ecosystem. Previously, remittance transfers through exchange companies often relied on slower channels and in some cases involved cash payout processes. With the Raast integration, the process is expect to become more transparent, efficient and secure. This reducing reliance on informal methods and enhancing consumer protection.
The inclusion of exchange companies in the Raast network is anticipate to boost remittance flows through formal channels, offering overseas Pakistanis and their families more options for sending and receiving money with ease and speed.