The inflow of remittances under the Roshan Digital Account (RDA) has reached a new milestone, rising to $8.25 billion by the end of June 2024. This marks an increase from $8.055 billion at the end of May 2024, according to the latest data released by the State Bank of Pakistan (SBP). The RDA has become a significant conduit for Non-Resident Pakistanis (NRPs) to engage in banking, payment, and investment activities in Pakistan, reflecting its growing popularity and effectiveness.
The SBP data revealed that remittance inflows during June 2024 were recorded at $200 million. While this represents a slight decline from the $224 million recorded in May 2024, the overall upward trend underscores the sustained confidence of NRPs in the RDA initiative. The rise in remittances indicates a robust engagement from the diaspora, contributing positively to Pakistan’s foreign exchange reserves and economic stability.
In addition to the growing remittance inflows, the number of accounts registered under the Roshan Digital Account programme also saw a significant increase. By June 2024, the number of RDA accounts rose by 10,168, reaching a total of 712,778 accounts, up from 702,610 in May 2024. This growth reflects the increasing trust and interest of NRPs in the banking facilities offered by the RDA.
The Roshan Digital Account provides innovative banking solutions tailored to the needs of millions of NRPs, including Non-Resident Pakistan Origin Card (POC) holders. The initiative allows these individuals to conduct banking, payment, and investment activities in Pakistan seamlessly. Through the RDA, NRPs can open bank accounts digitally, make investments in various financial instruments, and perform transactions with ease.
The Roshan Digital Account was launched in September 2020 by former Prime Minister Imran Khan. The primary aim of the project was to facilitate overseas Pakistanis in sending remittances and investing in Pakistan. The initiative has since grown exponentially, becoming a cornerstone of Pakistan’s strategy to engage its diaspora and attract foreign investments.
The RDA offers several benefits to NRPs, including the ability to open and manage accounts online, invest in Pakistani stocks and real estate, and access competitive returns on investments. The account holders also enjoy the convenience of repatriating their funds without any hassle. These features have made the RDA an attractive option for NRPs looking to maintain financial ties with their homeland.
The government of Pakistan has played a crucial role in promoting the Roshan Digital Account. By providing a secure and efficient platform for remittances and investments, the government aims to strengthen the country’s economic foundation. The SBP’s ongoing efforts to enhance the features of the RDA and its commitment to addressing the needs of the diaspora community have been instrumental in the programme’s success.
As the Roshan Digital Account continues to gain traction, its future prospects look promising. The increasing remittance inflows and the growing number of accounts indicate a strong foundation for sustained growth. The SBP and the government are expected to introduce more innovative features and incentives to further attract NRPs and boost their participation in Pakistan’s financial system.
