The State Bank of Pakistan (SBP) has allowed exchange companies to utilise Raast, its instant payment system, to facilitate home remittances, enabling beneficiaries to receive funds directly into bank accounts and digital wallets.
In a statement, the central bank said the decision is part of its Strategic Plan 2023–2028, which aims to build an inclusive digital financial services ecosystem by strengthening payment infrastructure and modernising regulatory frameworks for cross-border transactions.
“SBP has now allowed Exchange Companies (ECs) to utilize “Raast”, a state-of-the-art payment system launched by SBP in 2021, to facilitate remitters and beneficiaries of home remittances,” read the SBP notification.
Under the new arrangement, beneficiaries receiving remittances through exchange companies will be able to access funds in accounts or wallets maintained with banks, microfinance banks and electronic money institutions. The central bank said the initiative will ensure safer, faster and more efficient remittance transfers.
The SBP said the move supports the national objective of promoting a cashless economy and expanding the use of interoperable, customer-centric digital payment solutions. Instructions in this regard have been issued through EPD Circular Letter No. 02 dated January 15, 2026.
