The launch is backed by the government with the intent to promote inflow of home remittances in the country. The scheme will help in channelising home remittances through branchless banking (BB) channels, enhance the usage of m-wallets and creation of digital accounts and increase financial inclusion in the country.
The beneficiaries of the scheme will be able to withdraw cash from auto teller machines, bank branches or branchless agents. They will also be able to make digital payments to settle their utility bills by using their m-wallets.
Pakistan is among the countries accounting for around 5% of the world’s unbanked population; only 23% of the adult population has access to formal financial services. Remittances have been the second-highest source of foreign exchange earnings for the country after export receipts. Over the past 10 years, remittances have grown at a compound annual growth rate of over 12%.
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