In a major development for Pakistan’s financial sector, State Bank of Pakistan (SBP) Governor Jameel Ahmed announced on Friday the successful integration of the country’s instant payment system, Raast, with the Arab Monetary Fund’s Buna platform. This connection marks a significant step forward in facilitating cross-border transactions, allowing payments in Pakistani rupees between Pakistan and Arab nations.
The move is expected to simplify and accelerate rupee-based transactions, boosting trade relations with Arab countries by streamlining financial exchanges. The integration also positions Pakistan to enhance its economic cooperation within the region, further cementing its role in regional trade.
Governor Ahmed also revealed that the SBP is working on a system that will allow Pakistani e-wallet users to make direct payments in China. This initiative comes as part of a newly approved cross-border partnership between Pakistani and Chinese financial firms, which will facilitate online shopping and payments in China. The system is expected to provide greater convenience for small purchases and e-commerce transactions within specified limits, significantly easing financial exchanges between the two nations.
In addition to these developments, the SBP has outlined plans for the third edition of its National Financial Inclusion Strategy (NFIS), set to be launched during the current fiscal year 2024-25. The strategy aims to extend banking services to 75% of the adult population by 2028, up from the current 60%. A key focus of NFIS 2028 is to promote gender equality in financial access, with a target of having women make up 25% of new banking users by the target year.
Building on the successes of previous strategies, NFIS 2028 not only seeks to overcome the challenges currently facing the financial sector but also aims to improve the overall usage and quality of financial services across the country. This comprehensive plan represents a significant push toward enhancing financial inclusion, with a focus on fostering a more inclusive and robust banking system in Pakistan.
