Islamabad, Oct 19: State Bank Expands Raast for International Payments to Arab Countries, Revolutionizing Cross-Border Transactions. State Bank of Pakistan (SBP) Governor Jameel Ahmed announced on Friday that the nation had successfully connected its instant payment system, Raast, with the Arab Monetary Fund’s Buna platform, marking a major advancement for the financial sector.
Transactions between Pakistan and Arab countries in Pakistani rupees are made possible by this integration. This step is anticipated to simplify cross-border transactions and maybe improve commercial connections with Arab nations by enabling rupee-based payments.
Additionally, the central bank is now developing a mechanism that would enable Pakistani e-wallet users to send money directly to China via online banking channels. The reason for this is because SBP has authorized a collaboration between Chinese and Pakistani financial institutions. This will facilitate ticket purchases and internet shopping in China.
In the current fiscal year 2024–2025, SBP has also revealed plans for the third National Financial Inclusion Strategy (NFIS) 2028. This new program lays out ambitious goals to increase banking accessibility throughout the country.
The objective of expanding banking access to 75% of Pakistan’s adult population by 2028 is at the core of this approach. Compared to the existing coverage of 60%, this is a huge increase. By the target year, the plan aims to have 25% of these banking service users be women, highlighting the importance of gender equality in financial access.
Building on the framework established by its predecessors, NFIS 2020 and NFIS 2023, the next plan aims to tackle current issues facing the financial industry. But it’s more than just solving problems.
