Cumulative gross inflows into Pakistan’s Roshan Digital Accounts (RDAs) reached $14.157 billion by the end of September 2026, recording an increase of $251 million from $13.906 billion in August. The figures, based on State Bank of Pakistan (SBP) data compiled by Arif Habib Limited, reflect the continued use of the account scheme by non-resident Pakistanis to transfer funds into the country and access local investment opportunities. Launched in November 2020, the initiative allows overseas Pakistanis to open bank accounts remotely and use financial services without having to visit a bank branch in Pakistan. Its cumulative inflows provide an indication of the funds entering the country through the programme, while repatriation and local utilisation figures show how the money is subsequently allocated.
Of the total funds received since the scheme began, $2.146 billion had been repatriated by the end of September, while $8.937 billion had been utilised locally. These transactions left a net repatriable liability of $3.074 billion. The amount repatriated increased by $16 million during September from $2.130 billion in August, while locally utilised funds rose by $170 million from $8.767 billion. As a result, the net repatriable liability increased by approximately $65 million from $3.009 billion in the previous month. The figures distinguish cumulative gross inflows from funds that remain available for potential repatriation after accounting for money transferred abroad and amounts utilised within Pakistan.
Investment through the RDA programme continued to be concentrated in Naya Pakistan Certificates (NPCs), including both conventional and Islamic instruments. Cumulative net investments through the accounts reached $2.268 billion by September 2026, covering conventional NPCs, Islamic NPCs and investments in the Pakistani equity market through the Roshan equity facility. These products give overseas Pakistanis different options for placing funds in Pakistan’s financial system. The distribution of investments also shows that certificate-based products continue to account for most of the recorded net investment, while equity exposure represents a smaller portion of the overall total.
Islamic Naya Pakistan Certificates remained the largest investment category, with cumulative investments reaching $1.375 billion in September, up $43 million from $1.332 billion in August. Conventional Naya Pakistan Certificate investments increased by $24 million to $740 million, compared with $716 million a month earlier. Together, the two certificate categories accounted for the majority of net investments recorded under the scheme. Islamic NPCs represented approximately 61% of total net investments, while conventional NPCs accounted for around 33%. Their combined share highlights the importance of certificate-based investment options for non-resident Pakistanis using RDAs.
In contrast, cumulative Roshan equity investments declined by $2 million during September to $153 million from $155 million in August. Equity investments provide overseas Pakistanis with a route to participate in Pakistan’s stock market, but the monthly decline indicates that this category did not share in the increase recorded by the certificate products. Roshan equity investments accounted for nearly 7% of cumulative net investments, according to the reported breakdown. The figures reflect the recorded value of investments at the end of the month and do not, by themselves, establish the reasons behind the change in equity holdings.
The balance maintained in RDA accounts also decreased slightly during September. The amount held in these accounts stood at $725 million, down $4 million from $729 million in August. Meanwhile, other liabilities increased by $2 million to $80 million from $78 million. These movements contributed to changes in the overall distribution of funds associated with the scheme. Account balances, investment holdings, local utilisation and repatriation represent separate components of the programme’s financial position and should be considered together when assessing how the inflows are being used.
Monthly repatriations stood at approximately $16 million in September, compared with $23 million in August. The lower monthly figure indicates that less money was transferred abroad during September than in the preceding month, even as cumulative repatriations since the scheme’s launch continued to increase. At the same time, locally utilised funds recorded a substantially larger monthly rise of $170 million. The difference between these movements helps explain the increase in net repatriable liability during the month, although the reported figures alone do not identify the specific purposes for which locally utilised funds were spent.
Roshan Digital Accounts remain an important channel for connecting overseas Pakistanis with Pakistan’s banking and investment system. Through participating banks, account holders can access local financial services remotely and invest in products such as conventional and Islamic Naya Pakistan Certificates and the stock market. The increase in gross inflows to $14.157 billion in September demonstrates continued activity through the programme, while the investment breakdown points to a strong preference for Islamic and conventional certificates. Future monthly figures on inflows, repatriations, local utilisation and investment balances will help show whether these trends continue and how the composition of funds under the scheme changes.
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