SBP launches Pasban Remittance Reward Scheme with Rs16 billion in annual prizes

KARACHI, Sep 25 (APP):State Bank of Pakistan (SBP), Friday, rolled out the market-based Pasban Remittance Reward Scheme, offering Rs16 billion in annual cash prizes to recognize and reward remittance customers using banking channels for home remittances sent to Pakistan.

The Governor SBP Jameel Ahmed, along with leadership of the Pakistan Banks Association (PBA), inaugurated the rewards initiative that has been launched under the auspices of PBA and is fully funded by the banking industry without entailing any burden on national exchequer.

Under the Pasban scheme, a beneficiary bank account receiving home remittance equivalent to USD 100 or more each month for three consecutive months will automatically qualify for the quarterly draw, consisting of a total of 2,521 cash prizes, amounting to Rs 4 billion with a Rs100 million first prize in each quarter.

The scheme will come into effect from October 1, 2026, and the first draw is scheduled for January 15, 2027, covering eligible remittances received during the second quarter of FY27 i.e. from 01-Oct-2026 to 31-Dec-2026.

Governor SBP Jameel Ahmad, speaking at the launch ceremony, highlighted the collaborative efforts of the central bank, government of Pakistan and the PBA for developing a self-sustaining and market-oriented remittance scheme that can continue to facilitate, encourage, and attract workers’ remittances from overseas Pakistanis through formal channels.

He appreciated the contributions of overseas Pakistanis and highlighted the exceptional performance of workers’ remittances, which reached a record US$41.6 billion in FY26, compared with US$21.7 billion in FY19, nearly doubling over the period. He added that remittances inflow of over $44 billion is expected in FY27.

The initiative would help maintain the attractiveness of formal channels while recognizing the important contribution of overseas Pakistanis to the national economy, he said and added that workers’ remittances were the backbone of millions of families across Pakistan that help meet household expenditures, support education and healthcare, and provide resources for investment and economic opportunity.

The governor also highlighted the substantial strengthening of the country’s external account position in the last 3 years, noting that the external current account deficit has been brought to manageable levels along with a sustained buildup in FX buffers driven primarily by FX purchases from the market. SBP’s FX reserves stood at US$21.4 billion as of September 18, 2026.

The current level of the country’s foreign exchange reserves is adequate to support imports of three months and now we have targeted to achieve the import cover for 4 months, he said and added that reserve adequacy was a key factor that helps improve credit ratings of the country.

“These figures represent more than an improvement in key indicators; they reflect hard-earned stability and resilience that can help break the boom-bust cycles and place Pakistan’s economy on a more sustainable growth path,” the governor emphasized, noting a range of policy and reform measures taken by the government and SBP to support this turnaround. To promote exports, the Government provided tax incentives in the current year’s budget, while SBP, in coordination with stakeholders, designed targeted long-term financing and performance-based rebate schemes, he added.

Reflecting on Home Remittance Incentive Schemes introduced by the Government over the years to encourage the use of formal channels, Jameel Ahmed said that those schemes helped develop the market, brought more financial institutions into the ecosystem, expanded Pakistan’s domestic and global reach, and strengthened the infrastructure needed to process growing volumes of remittances.

He appreciated the banking industry’s continued support in strengthening formal remittance channels, noting that the launch of Pasban represents a further step in this transition. The Governor also appreciated the Pakistan Banks Association and the banking industry for their partnership in developing and launching the scheme.

CEO and Secretary General, PBA, Muneer Kamal, briefed the participants on the initiative and its key features, saying that the Pasban Scheme is the latest in a series of coordinated steps by SBP, the Government and the industry to support the external sector.

“A remittance beneficiary receiving home remittance transactions equivalent to USD 100 or more each month for three consecutive months within a quarter into a bank account will be eligible for participation in the scheme,” he informed adding that each such transfer will receive one digital, non-transferable entry number (ticket) while higher-value remittances will receive additional entry number on each additional transaction of USD 100.

The First Prize of the scheme is Rs 100 million, while in the Second Prize 20 beneficiaries will win Rs 25 million each. For the Third Prize slot, 100 eligible accounts will receive Rs 10 million each and in Fourth Prize 2,400 winners will get Rs 1 million each, he informed.

To ensure broad distribution of prizes, prizes will be allocated across major remittance regions, with 50% for the GCC, 15% for the UK, 15% for Europe, 10% for North America, and 10% for other countries. The First Prize will be open to beneficiaries receiving remittance from all regions.

He explained that this scheme builds on the remitter incentive banks have funded since July 2026, bringing the industry’s annual commitment to close to Rs. 100 billion. He further added that this year, banks voluntarily cut the Export Refinance Facility markup by 3.0 points to 4.50% on new loans and rollovers, within the PKR 1,052 billion ERF limit, supporting the Government’s export-led growth agenda alongside the Export-Import Bank’s financing for exports of SME sector.

He said that participation in the scheme is completely free and no bank will charge eligible remittance beneficiaries any fee or require any payment, ticket purchase, minimum balance, or other consideration to participate in the scheme.

The draw results will be announced publicly on the following dedicated web-page of the Scheme, and on the websites and official social media handles of banks and PBA.