State Bank Enables International Payments to Arab Countries Via Raast

In a significant step forward for Pakistan’s financial sector, State Bank of Pakistan (SBP) Governor Jameel Ahmed revealed on Friday that the country has successfully linked its instant payment system, Raast, with the Arab Monetary Fund’s Buna platform.

This integration enables transactions in Pakistani rupees between Pakistan and Arab nations. By facilitating rupee-based payments, this move is expected to streamline cross-border transactions and potentially boost trade relations with Arab countries.

Furthermore, the central bank is actively working on a system that would allow e-wallet users in Pakistan to make direct payments to China through online banking channels. This is because SBP has approved a partnership between Pakistani and Chinese financial firms. This will make online shopping and buying tickets easier in China.

SBP has also unveiled plans for the third National Financial Inclusion Strategy (NFIS) 2028 in the ongoing fiscal year 2024-25. This new initiative sets forth bold targets to expand banking access across the nation.

At the heart of this strategy is the goal to increase banking access to 75% of Pakistan’s adult population by 2028. This represents a significant jump from the current 60% coverage. The plan strongly emphasizes gender equality in financial access, aiming for women to constitute 25% of these banking service users by the target year.

Building on the foundations laid by its predecessors – NFIS 2020 and NFIS 2023 – the upcoming strategy seeks to address existing challenges in the financial sector. However, it goes beyond mere problem-solving. The SBP wants this new plan to enhance the utilization and quality of financial services throughout the country.