The State Bank of Pakistan (SBP) has reported a notable rise in remittances through the Roshan Digital Account (RDA), reaching $8.055 billion by the end of May 2024. This marks an increase from $7.831 billion recorded at the end of April 2024, highlighting the growing popularity of the initiative among Non-Resident Pakistanis (NRPs).
According to media sources, data released by the SBP indicates that remittance inflows through the RDA totaled $224 million in April 2024, compared to $171 million in March and $182 million in February 2024. These figures underscore a consistent upward trend in remittance flows facilitated by the Roshan Digital Account.
The Roshan Digital Account program offers innovative banking solutions to millions of NRPs, including holders of the Non-Resident Pakistan Origin Card (POC). It enables them to conduct banking, payment, and investment activities seamlessly in Pakistan, enhancing financial inclusion and accessibility for overseas Pakistanis.
In addition to the increase in remittances, the number of accounts registered under the Roshan Digital Account initiative grew by 12,960, reaching 702,610 by May 2024 from 689,650 in April 2024. This surge reflects the expanding trust and utilization of digital financial services among the overseas Pakistani community.
By the end of May 2024, overseas Pakistanis had invested significantly through the Roshan Digital Account platform: $338 million in Naya Pakistan Certificates, $582 million in Naya Pakistan Islamic Certificates, and $37 million in Roshan Equity Investment. These investments contribute to the economic growth and development initiatives in Pakistan, supported by the SBP’s efforts to encourage diaspora engagement in national progress.
The Roshan Digital Account, launched by the SBP, aims to facilitate easier remittance transfers and encourage investments from overseas Pakistanis. It provides a secure and convenient platform for NRPs to manage their finances and participate in the economic activities of their homeland.
This initiative is part of Pakistan’s broader strategy to leverage digital technologies for financial inclusion and economic empowerment. By offering NRPs enhanced banking services and investment opportunities, the Roshan Digital Account strengthens ties between overseas Pakistanis and their country of origin, fostering a mutually beneficial relationship.
As the Roshan Digital Account continues to gain momentum, it reinforces Pakistan’s position as an attractive destination for diaspora investments and a leader in digital financial innovation. The SBP’s ongoing efforts to enhance the platform’s functionalities and expand its outreach further solidify its role in transforming the financial landscape for NRPs.
