February 25, 2021

50,000 Roshan digital accounts opened by Overseas Pakistanis

Overseas Pakistanis have opened over 50,000 Roshan Digital Accounts (RDA), with daily remittances exceeding $200 million in December 2020, according to the State Bank of Pakistan. The Roshan Digital Account, unveiled by Prime Minister Imran Khan on 11 September 2020, is a joint venture between the State Bank of Pakistan (SBP) and commercial banks operating in Pakistan. Providing the overseas Pakistanis with full digital banking solutions, providing easy payment and investment facilities in different sectors of Pakistan, including real estate, stocks, etc., so that they can get impeccable services in their homeland. This program, launched by the government to speed up the country’s financial activities and to assist Pakistanis overseas, has been well received. RDA makes fund transfers, bill payments, and active involvement in investment activities simpler for its users. However, in a limited span of just three months, RDA helped draw around 50,000 fresh overseas investors. It is expected that over the next six months, the Roshan Digital Account initiative is likely to attract almost $1 billion to develop the country’s foreign currency reserves and stabilize the current account position. The Ministry of Finance and the State Bank of Pakistan’s initiatives include Roshan Digital Accounts and Naya Pakistan Certificates (NPCs). The measures were implemented in order to promote their smooth access to the financial sector in Pakistan and to provide investment opportunities for both overseas Pakistanis and resident Pakistanis, taking into account the demands of overseas Pakistanis. In addition, these two measures will not only help the country make use of valuable financial capital, but will also make the country a more consistent, secure and long-term source of foreign exchange flows.

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