Brief
Pakistan banks, central bank and government launch Pasban Remittance Rewards scheme
The Pasban Remittance Rewards scheme aims to encourage overseas Pakistanis to send money through formal banking channels, offering quarterly prize draws funded by the banking sector.
By Felo News Desk · Published
Karachi – The banking industry of Pakistan, together with the State Bank of Pakistan (SBP) and the Pakistan Banks Association (PBA), announced the Pasban Remittance Rewards scheme at a launch event at the SBV, according to dailytimes.com.pk.
The scheme is designed to recognise overseas Pakistanis and to increase remittance flows through formal banking channels. Qualifying remittances will automatically enter beneficiaries into quarterly draws starting January 2027, with a prize pool of Rs 4 billion per quarter, amounting to Rs 16 billion annually, funded by the banking industry.
SBP Governor Jameel Ahmad said the partnership with the government and the PBA has been developed over recent months to create a self‑sustaining, market‑oriented incentive that supports workers’ remittances, which he described as the "backbone of millions of families" across Pakistan.
He noted that remittances reached a record US$41.6 billion in FY26, up from US$21.7 billion in FY19, and highlighted the improvement in the country’s external current‑account deficit and foreign‑exchange reserves, which have risen from below US$3 billion in February 2023 to US$21.4 billion.
PBA CEO Muneer Kamal explained that the banking industry’s annual commitment to the scheme is close to Rs 100 billion, building on incentive banks have funded since July 2026, previously borne by the federal government.
Key facts
- The Pasban Remittance Rewards scheme was launched by Pakistan's banking industry, the State Bank of Pakistan and the Pakistan Banks Association. (dailytimes.com.pk)
- Quarterly prize draws will start in January 2027 with a Rs 4 billion prize pool per quarter, funded by the banking sector. (dailytimes.com.pk)
- Remittances reached a record US$41.6 billion in FY26, up from US$21.7 billion in FY19. (dailytimes.com.pk)
- SBP’s foreign‑exchange reserves have risen to US$21.4 billion from below US$3 billion in February 2023. (dailytimes.com.pk)
- The banking industry’s annual financial commitment to the scheme is close to Rs 100 billion. (dailytimes.com.pk)
Sources
- [1] dailytimes.com.pk — originally reported as “Banking Industry, State Bank and Government Deepen Partnership to Boost Formal Remittance Inflows”
