Karachi, January 15, 2026 — The State Bank of Pakistan (SBP) has approved exchange companies to use the Raast payment system to process remittances, marking a significant step toward a cashless economy.
In an official statement, the SBP highlighted that building an innovative and inclusive digital financial ecosystem is a key goal under its Strategic Plan 2023–2028. To achieve this, the central bank is strengthening digital payment infrastructure, promoting innovation, and updating regulatory frameworks to enable secure, interoperable, and customer-friendly cross-border payment solutions.
With this move, beneficiaries of home remittances through exchange companies can now receive funds directly in their bank accounts, mobile wallets, or accounts with microfinance banks (MFBs) and electronic money institutions (EMIs). The integration with Raast, launched by SBP in 2021, ensures safe, fast, and efficient transfers for remitters and recipients alike.
The SBP’s decision is part of its broader vision to encourage digital transactions and reduce reliance on cash. The guidelines for this facilitation were issued via EPD Circular Letter No. 02, dated January 15, 2026, providing a regulatory framework for exchange companies to adopt Raast for remittance services.
This initiative is expected to boost financial inclusion, enhance transparency, and streamline remittance flows, supporting Pakistan’s goal of a modern, digital-first economy.