SBP expands Raast for remittance payments

MG News | January 16, 2026 at 09:32 AM GMT+05:00

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January 16, 2026 (MLN): The State Bank of Pakistan (SBP) has moved to allow Exchange Companies to use its instant payment system Raast to facilitate home remittances, that will enable faster and safer digital transfers to bank accounts and wallets.

The move aligns with SBP’s Strategic Plan 2023–2028, which prioritizes building an innovative and inclusive digital financial services ecosystem.

By extending access to Raast launched in 2021 to Exchange Companies (ECs), SBP aims to strengthen digital payments infrastructure, promote innovation, and modernize regulatory frameworks for customer-centric, interoperable solutions, according to a press release issued by SBP’s External Communications Department.

Under the new arrangement, beneficiaries receiving remittances through ECs can seamlessly receive funds in accounts and wallets maintained with banks, microfinance banks (MFBs), and electronic money institutions (EMIs).

SBP said the initiative will enhance the safety, efficiency, and transparency of cross-border transfers while supporting the country’s broader goal of moving towards a cashless economy.

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