Pakistan’s Raast payment system has achieved a significant milestone by integrating with the Arab Monetary Fund’s (AMF) Buna cross-border payment system, enabling instant, secure, and cost-effective payments between Pakistan and the Arab region. This collaboration aims to facilitate remittances, enhance regional financial connectivity, and promote the digitalization of Pakistan’s financial sector.
Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, highlighted the strategic importance of this integration as he revealed plans for the launch of the third National Financial Inclusion Strategy (NFIS 2028). He emphasized that the Raast-Buna partnership will increase remittances to Pakistan, streamline cross-border payments, and help millions of overseas Pakistanis send money home more efficiently.
The integration, a result of an MoU signed in November 2023 between SBP and AMF, marks the inclusion of the Pakistani Rupee as a settlement currency in the Buna platform. With over 5 million Pakistanis residing in the Arab region and 55% of Pakistan’s total remittances coming from there, this collaboration is expected to have a significant impact on the country’s foreign exchange inflows.
The Governor’s Annual Report 2023-24 also emphasized this development as part of SBP’s broader effort to enhance financial inclusion and digital financial services. The report outlines SBP’s goals for the coming years, including the launch of NFIS 2028, which aims to increase banking access for 75% of the adult population and bring 25% of women into the formal financial system by 2028.
SBP has also announced further advancements in digital financial services, with plans to enable e-wallet holders in Pakistan to make direct payments in China. This initiative, along with the Raast-Buna integration, reflects SBP’s commitment to regional financial integration and its strategy to modernize Pakistan’s financial infrastructure.
According to SBP Governor, Jameel Ahmed, these steps will not only enhance remittances but also strengthen economic, financial, and investment ties between Pakistan and the Arab world. The inclusion of the Pakistani Rupee as a settlement currency further underscores Pakistan’s growing role in regional financial systems.
Additionally, the SBP continues to push forward with its efforts to improve financial inclusion, particularly through the implementation of digital payment solutions and policies that support the country’s economic development. The report also highlights SBP’s work on the Electronic Warehouse Receipt Financing (EWRF) system and efforts to support the agricultural sector through crop and livestock insurance programs, all aimed at boosting financial resilience in rural areas.
This collaborative effort, involving both government initiatives and private sector partnerships, is a crucial part of SBP’s strategy to drive economic growth through financial digitization and inclusion.
