KARACHI: In order to support the shift towards a cashless economy, the State Bank of Pakistan (SBP) has amended its instructions for exchange companies, allowing digital disbursement of home remittances through Raast. As per fresh directives of SBP, with prior approval and completion of onboarding requirements, Exchange Companies now can now be credited directly remittances to beneficiaries’ bank accounts or wallets. Building an innovative and inclusive digital financial services ecosystem is one of the key objectives of State Bank of Pakistan (SBP) under its Strategic Plan 2023- 2028. READ MORE: Pakistan receives $3.6bn in remittances in December 2025 To achieve this objective, SBP continues to strengthen digital payments infrastructure, promote innovation and redesign regulatory frameworks to facilitate cross-border transfers using secure, interoperable and customer-centric solutions. In furtherance of this vision, SBP has now allowed Exchange Companies to utilize “Raast”, a state-of-the-art payment system launched by SBP in 2021, to facilitate remitters and beneficiaries of home remittances. Through this enablement, the beneficiaries receiving remittances through ECs can receive their funds in their accounts and wallets maintained with Banks, MFBs, or EMIs, in a safe and efficient manner. This facilitation is a step forward in achieving the overall national objective of “cashless economy”. The instructions in this regard have been issued vide EPD circular letter No. 02 dated January 15, 2026. In this regard, the SBP has amended the Instructions Related to Business of Exchange Companies contained in Para 12, Chapter 7 of Regulatory Framework for Exchange Companies (RFEC). According to a circular, in order to promote cashless economy and facilitate customers, SBP has decided to add following instructions as sub-para (h) in the abovementioned para of RFEC: “After obtaining prior approval from Exchange Policy Department and completing Raast onboarding requirements, the Company may disburse home remittances in beneficiary’s accounts/wallets maintained with Banks/MFBs/EMIs digitally through Raast.” The SBP has advised Exchange Companies to bring the above instructions in the knowledge of all concerned for compliance. Copyright Business Recorder, 2026