The State Bank of Pakistan has allowed exchange companies to connect with Raast, the country’s instant digital payment system, enabling them to facilitate home remittances through a faster, safer, and more efficient channel. Under this new arrangement, beneficiaries receiving remittances through exchange companies will now be able to receive funds directly into bank accounts, microfinance bank accounts, or digital wallets maintained with electronic money institutions, making the process more convenient and secure.
This move is aimed at improving ease of access for both remitters and recipients while supporting Pakistan’s transition toward a cashless and digitally driven economy. By integrating exchange companies into Raast, the central bank has significantly expanded the platform’s role in the remittance ecosystem, allowing a wider segment of the population to benefit from instant and low-cost digital transfers.
Raast, launched by the State Bank of Pakistan in 2021, is a modern payment system designed to provide interoperable, real-time, and affordable digital payments across the financial sector. The inclusion of exchange companies strengthens its reach and enhances its usefulness for individuals who rely on remittances as a key source of household income.
According to the central bank, digitally enabling exchange companies through Raast aligns with its Strategic Plan 2023 to 2028, which prioritises the development of an innovative, inclusive, and customer-focused digital financial services environment. Improving digital payment infrastructure and enabling secure and transparent cross-border money transfers are central goals of this strategy.
Over the past two years, the State Bank has also introduced multiple reforms to better regulate exchange companies and prevent misuse of the foreign exchange market. These steps include stricter transaction monitoring, tougher regulatory compliance requirements, allowing commercial banks to establish exchange companies as subsidiaries, and shutting down firms that failed to meet regulatory standards.
Officials believe that linking exchange companies with Raast will enhance transparency, strengthen consumer protection, and further formalise remittance flows into the banking and digital payments system. The initiative is expected to increase confidence in official channels, reduce reliance on informal transfer methods, and support long-term financial inclusion in Pakistan.
