SBP Permits Raast Use by Exchange Companies for Remittances

The State Bank of Pakistan (SBP) has authorised licensed Exchange Companies (ECs) to leverage the Raast Instant Payment System for processing home remittances, thereby enabling direct crediting of funds into beneficiaries’ bank accounts, microfinance bank accounts, and digital wallets maintained with authorised Electronic Money Institutions (EMIs).

In an official notification, the central bank stated that this measure forms a key component of its Strategic Plan 2023–2028, which is directed towards fostering an inclusive, digitally enabled financial ecosystem through enhanced payment system infrastructure and progressive regulatory modernisation for cross-border remittances.

The SBP notification explicitly provides: “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.”

Under the revised framework, recipients of remittances channelled through ECs will gain immediate access to funds in accounts or wallets held with commercial banks, microfinance banks, or EMIs. The central bank emphasised that the initiative will deliver safer, swifter, and more cost-efficient remittance inflows, while minimising reliance on physical cash handling.

This policy aligns with the broader national agenda of advancing a cashless economy and promoting widespread adoption of interoperable, user-focused digital payment platforms. Detailed operational instructions have been promulgated via EPD Circular Letter No. 02 of January 15, 2026, providing regulatory clarity and compliance guidance for all licensed exchange companies and participating financial institutions.