Exchange Companies Use Raast for Home Remittances in Pakistan
Exchange companies can now send Raast home remittances directly to digital accounts across Pakistan. This change supports the country’s move toward a cashless economy. The State Bank of Pakistan announced the update through new regulatory instructions.
Previously, many remittance payments relied on cash collection. However, this new step makes digital transfers faster and safer. As a result, beneficiaries can receive money without visiting physical locations.
SBP Expands Digital Payment Access
The State Bank of Pakistan updated its rules for exchange companies. With prior approval, these firms can now use Raast for digital disbursement. In addition, they must complete required onboarding steps before offering this service.
This decision aligns with SBP’s Strategic Plan 2023-2028. The plan focuses on innovation and inclusion within financial services. Therefore, expanding Raast usage supports long term national goals.
SBP launched Raast in 2021 as an instant payment system. Since then, it has improved interoperability across banks and wallets. Now, exchange companies can also benefit from this secure infrastructure.
How Raast Home Remittances Work
Under the new framework, beneficiaries receive funds digitally. Payments go directly into bank accounts or mobile wallets. These accounts may belong to banks, microfinance banks, or electronic money institutions.
For example, families receiving funds from abroad can access money instantly. This reduces delays and lowers handling risks. Moreover, digital records improve transparency for both senders and receivers.
SBP issued these changes through EPD Circular Letter No. 02. The notice is dated January 15, 2026. It updates the Regulatory Framework for Exchange Companies.
Boost for a Cashless Economy
This move strengthens Pakistan’s digital payments ecosystem. It also reduces dependence on physical cash. As a result, customers enjoy more convenience and safety.
Exchange companies must inform all relevant staff. They must also ensure full compliance with the new rules. SBP expects strict adherence to maintain system integrity.
Overall, Raast home remittances mark an important shift. They bring Pakistan closer to an inclusive digital future. Most importantly, they make everyday financial access easier for everyone.
