State Bank of Pakistan (SBP) Governor Jameel Ahmad on Friday inaugurated the Pasban Remittance Reward Scheme, offering Rs16 billion in annual cash prizes to customers receiving home remittances through formal banking channels.
Launched under the auspices of the Pakistan Banks Association (PBA), the scheme aims to encourage overseas Pakistanis to continue using formal channels to send money to their families in Pakistan. The initiative is funded entirely by banks and carries no cost for the national exchequer.
Speaking at the launch ceremony, Jameel Ahmad said the SBP, government and PBA had worked together over recent months to develop a sustainable, market-oriented mechanism to encourage and facilitate workers’ remittances through formal channels.
He described remittances as a vital source of support for millions of Pakistani households, helping families meet expenses related to education, healthcare and other needs while also providing resources for investment.
The governor said Pakistan’s external account position had strengthened considerably in recent years. He noted that the external current account deficit, which had reached unsustainable levels in FY22 and contributed to a sharp decline in foreign exchange reserves, had now been brought to manageable levels.
According to the governor, SBP’s foreign exchange reserves have risen from below $3 billion in February 2023 to $21.4 billion. He said the recent increase in reserves had primarily been supported by foreign exchange purchases from the market rather than additional external borrowing.
Ahmad also praised overseas Pakistanis for their contribution, noting that workers’ remittances reached a record $41.6 billion in FY26, compared with $21.7 billion in FY19.
He said the improvement represented greater stability and resilience in the economy and could help Pakistan move away from recurring boom-and-bust cycles towards more sustainable growth.
The governor highlighted several government and SBP measures aimed at strengthening exports and the external sector, including tax incentives, targeted long-term financing, performance-based rebate schemes and the expansion of the Roshan Digital Account (RDA) framework.
He said the RDA facility had also been opened to foreign investors and Pakistani residents with declared foreign assets, in addition to overseas Pakistanis. The SBP has also undertaken awareness initiatives abroad and facilitated IT companies and freelancers in opening foreign currency accounts and retaining export proceeds.
Ahmad said government remittance incentive schemes introduced over the years had helped develop the formal remittance market, expand the participation of financial institutions and strengthen the infrastructure required to handle growing remittance flows.
As the market matured and the cost of such schemes increased, the government and SBP gradually shifted towards a more sustainable, market-driven model in consultation with the banking industry, he added.
PBA CEO and Secretary General Muneer Kamal said Pasban was the latest in a series of coordinated measures by the SBP, the government, and the banking industry to strengthen the external sector.
He said the scheme, built on remitter incentives funded by banks since July 2026, takes the industry’s annual commitment to nearly Rs100 billion.
Kamal added that banks had voluntarily reduced the Export Refinance Facility markup by three percentage points to 4.5% on new loans and rollovers within the Rs1.052 trillion ERF limit. The move, he said, was aimed at supporting the government’s export-led growth agenda alongside Export-Import Bank financing for SME exports.
Under the Pasban scheme, a remittance beneficiary receiving the equivalent of at least $100 each month for three consecutive months during a quarter will qualify for participation.
Each eligible $100 in monthly remittances will generate one digital, non-transferable entry, with additional entries awarded in proportion to higher remittance amounts.
For example, a beneficiary receiving $100, $200 and $300 in three consecutive months would receive six entries in total for the quarter.
A total of 2,521 cash prizes worth Rs4 billion will be distributed every quarter. These will include:
First prize: One prize of Rs100 million
Second prize: 20 prizes of Rs25 million each
Third prize: 100 prizes of Rs10 million each
Fourth prize: 2,400 prizes of Rs1 million each
The scheme will distribute Rs16 billion annually among more than 10,000 winners.
To ensure regional representation, prizes will be allocated according to the source of remittances, with 50% reserved for the Gulf Cooperation Council (GCC), 15% for the UK, 15% for Europe, 10% for North America and 10% for other countries. The first prize will be open to beneficiaries receiving remittances from any region.
The draws will be held quarterly through a secure, fully digital and auditable process. The first draw is scheduled for January 15, 2027, covering eligible remittances received between October 1 and December 31, 2026.
Participation in the scheme is free. Banks will neither charge eligible beneficiaries nor require any payment, ticket purchase, minimum balance or other consideration for participation.
PBA Chairman Zafar Masud said banks had continued to support Pakistan’s economy by taking over the Rs80 billion remitter incentive, reducing export refinance rates and expanding lending to the private, agricultural and SME sectors.
He said overseas Pakistanis were an equally important part of the country’s economic story and that the Pasban scheme recognised their contribution in partnership with the SBP and government.
The draw results will be published on the scheme’s dedicated webpage, as well as on the official websites and social media platforms of participating banks and the PBA.
