The State Bank of Pakistan has issued instructions allowing exchange companies to use Raast, its payment system, to facilitate home remittances, enabling beneficiaries to receive funds directly into accounts and wallets maintained with banks, microfinance banks and electronic money institutions. The move extends the use of Raast, launched in 2021, to the exchange company channel to support safe and efficient remittance transfers and the broader push toward a cashless economy. The instructions were issued through EPD circular letter No. 02.
State Bank of Pakistan 2026-01-15
State Bank of Pakistan enables exchange companies to use Raast for home remittance payouts
The State Bank of Pakistan has authorized exchange companies to use Raast, its payment system, for home remittances, allowing beneficiaries to receive funds directly into accounts and wallets with banks, microfinance banks, and electronic money institutions. This initiative aims to enhance safe and efficient remittance transfers and promote a cashless economy.