Building an innovative and inclusive digital financial services ecosystem is a key objective of the State Bank of Pakistan (SBP) under its Strategic Plan 2023-28. According to a statement issued on Thursday, the SBP has allowed exchange companies to utilise Raast, the instant payment system launched in 2021, to facilitate home remittances.

Under the new arrangement, beneficiaries receiving remittances through exchange companies will be able to receive funds directly into their bank accounts and digital wallets maintained with banks, microfinance banks and electronic money institutions.