The State Bank of Pakistan (SBP) has allowed Exchange Companies (ECs) to utilise “Raast”, a state-of-the-art payment system launched in 2021, to facilitate remitters and beneficiaries of home remittances.
“The instructions in this regard have been issued vide EPD circular letter No. 02 dated January 15, 2026”, the SBP stated on Thursday.
Through this enablement, the beneficiaries receiving remittances through ECs can receive their funds in their accounts and wallets maintained with Banks, MFBs, or EMIs, safely and efficiently.
“Building an innovative and inclusive digital financial services ecosystem is one of the key objectives of State Bank of Pakistan (SBP) under its Strategic Plan 2023 – 2028”, the SBP stated.
To achieve this objective, SBP continues to strengthen digital payments infrastructure, promote innovation and redesign regulatory frameworks to facilitate cross-border transfers using secure, interoperable and customer-centric solutions.
This facilitation is a step forward in achieving the overall national objective of a “cashless economy”.
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