Pakistan has a large diaspora of overseas Pakistanis who often face various challenges in sending money to their homeland. These challenges include high fees, lengthy procedures, and security concerns. To address these issues, the State Bank of Pakistan launched the Roshan Digital Account initiative in September 2020, which has proven to be highly successful in facilitating overseas Pakistanis in sending money to their homeland.
Roshan Digital Account is a digital banking initiative launched by the State Bank of Pakistan in collaboration with various commercial banks in Pakistan. The initiative is aimed at facilitating overseas Pakistanis in opening bank accounts in Pakistan remotely, without the need for physical presence. The Roshan Digital Account also provides various services such as investment in the stock market, real estate, and other financial instruments, making it easier for overseas Pakistanis to invest in their home country.
A total of 416,500 Roshan Digital Accounts have been opened, with a cumulative inflow of $11.4 billion (equivalent to Rs. 1.7 trillion). The majority of these accounts have been opened by overseas Pakistanis from the UAE, UK, USA, and Saudi Arabia.
The Roshan Digital Account has provided numerous benefits to overseas Pakistanis, such as:
a) Easy account opening process: Overseas Pakistanis can easily open a bank account in Pakistan without the need for physical presence or paperwork.
b) Low fees: The Roshan Digital Account charges low fees for transactions, which is a significant benefit for overseas Pakistanis who often face high fees from other money transfer services.
c) Investment opportunities: The Roshan Digital Account also provides investment opportunities in the stock market, real estate, and other financial instruments, which makes it easier for overseas Pakistanis to invest in their home country.
The inflow of Rs. 1.7 trillion through the Roshan Digital Account initiative has contributed significantly to Pakistan’s foreign reserves, which has helped support the economy. The initiative has also helped boost investor confidence in Pakistan, which can lead to increased foreign direct investment (FDI) in the future.
Overall, the Roshan Digital Account initiative has proven to be highly successful in facilitating overseas Pakistanis in sending money to their homeland. The initiative has provided numerous benefits to overseas Pakistanis, such as easy account opening, low fees, and investment opportunities. The significant inflow of Rs. 1.7 trillion through this initiative has also contributed to Pakistan’s economy and helped boost investor confidence in the country.
