The State Bank of Pakistan (SBP) has allowed Exchange Companies to use its instant payment system, Raast, to facilitate home remittances, enabling faster and safer digital transfers directly into bank accounts and digital wallets.
The move is aligned with SBP’s Strategic Plan 2023–2028, which focuses on building an innovative, inclusive and interoperable digital financial services ecosystem across the country. By extending access to Raast, launched in 2021, to Exchange Companies, the central bank aims to strengthen the national digital payments infrastructure and modernise regulatory frameworks to support customer-centric financial solutions.
According to a press release issued by SBP’s External Communications Department, the initiative is designed to promote innovation and improve the efficiency of remittance services while ensuring enhanced transparency and security in cross-border transactions. The inclusion of Exchange Companies in the Raast ecosystem is expected to expand the reach of digital payments and improve access for remittance beneficiaries.
Under the new arrangement, individuals receiving remittances through Exchange Companies will be able to seamlessly receive funds in accounts and wallets maintained with banks, microfinance banks and electronic money institutions. This interoperability is intended to reduce reliance on cash-based channels and improve convenience for end users.
SBP said the step would enhance the overall safety and efficiency of remittance flows while supporting Pakistan’s broader objective of transitioning towards a cashless economy. The central bank added that enabling Exchange Companies to leverage Raast would also help formalise remittance channels and contribute to greater financial inclusion.
The development marks another milestone in SBP’s efforts to expand digital payment adoption and integrate more financial sector participants into the national instant payment framework, reinforcing the role of technology in transforming Pakistan’s financial landscape.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.