SBP launches PKR 16 billion Pasban Remittance Reward Scheme

The State Bank of Pakistan (SBP) on Friday launched the Pasban Remittance Reward Scheme in Karachi, offering PKR 16 billion in annual bank-funded cash prizes to recipients of overseas remittances sent through formal channels as policymakers seek to encourage continued use of the banking system.

How does the Pasban Remittance Reward Scheme work?

Beneficiaries must receive an eligible home-remittance transaction of at least USD 100 in each of the three months of a quarter. Participation is free and automatic, while each qualifying remittance generates digital, non-transferable entries based on its value. The scheme will distribute PKR 4 billion through each quarterly draw.

The initiative was launched under the auspices of the Pakistan Banks Association and is funded entirely by participating banks, without financing from the government or national exchequer.

State Bank Governor Jameel Ahmad said the scheme was developed with the government and banking industry to encourage overseas Pakistanis to continue sending money through formal channels.

“Workers’ remittances are the backbone of millions of families across Pakistan,” Ahmad said at the launch ceremony. He said remittances support household spending, education, healthcare and investment.

Pakistan received a record USD 41.6 billion in workers’ remittances during fiscal year 2025-26, compared with USD 21.7 billion in fiscal 2018-19.

Ahmad said Pakistan’s external position had also strengthened, with State Bank foreign exchange reserves rising to USD 21.4 billion from less than USD 3 billion in February 2023.

He said the recent buildup in reserves had been driven primarily by foreign exchange purchases from the market rather than an accumulation of external debt.

How much can beneficiaries win under the Pasban scheme?

Each quarterly draw will distribute 2,521 prizes worth PKR 4 billion, bringing the annual prize pool to PKR 16 billion and the number of winners to more than 10,000.

The first prize is PKR 100 million. Another 20 winners will receive PKR 25 million each, 100 will receive PKR 10 million each and 2,400 will receive PKR 1 million each.

Each eligible remittance generates one entry for every USD 100, with its value rounded to the nearest USD 100. There is no upper limit on the number of entries, meaning larger qualifying remittances generate proportionately more chances in the draw.

Prizes in the second, third and fourth categories will be divided among major remittance regions, with 50% allocated to the Gulf Cooperation Council, 15% each to the United Kingdom and Europe, and 10% each to North America and other countries.

The PKR 100 million first prize will be open to eligible beneficiaries receiving remittances from all regions.

When is the first Pasban remittance draw?

The first draw is scheduled for January 15, 2027, covering eligible remittances received between October 1 and December 31, 2026. Subsequent draws will be held quarterly under the scheme.

Participation is free and automatic. Banks will not charge beneficiaries a fee or require registration, ticket purchases, minimum balances or other payments.

Eligible remittances must be credited to a bank account or wallet. Cash collected over the counter and Roshan Digital Account inflows are excluded, while reversed or returned transactions do not qualify.

The draw will be conducted through a secure electronic system operated by 1LINK and subject to independent third-party audit. Winners will be verified by their respective banks before prizes are paid.

Prizes will be credited in Pakistani rupees to winners’ bank accounts by the 25th of the draw month, with withholding tax deducted as required by law.

Why has Pakistan shifted to a bank-funded remittance scheme?

Ahmad said earlier government-funded incentives helped expand the number of financial institutions involved in remittances and strengthened the infrastructure needed to handle growing inflows.

He said the Pasban scheme represents a shift towards a more sustainable, market-oriented incentive model as the cost of government-funded remittance schemes increased.

Pakistan Banks Association CEO and Secretary General Muneer Kamal said the scheme builds on incentives funded by banks since July 2026, taking the banking industry’s annual commitment to remittance and related initiatives to nearly PKR 100 billion.

PBA Chairman Zafar Masud said banks had also taken over the PKR 80 billion remitter incentive, reduced export refinance rates and increased lending to private, agricultural and small and medium-sized businesses.

“Overseas Pakistanis are an equally important part of this story, and the Pasban Scheme recognises their contribution,” Masud said.

The scheme is being implemented by 1LINK and overseen by a steering committee that includes the State Bank.

Draw results will be published on the scheme’s dedicated website and through the official websites and social media accounts of participating banks and the Pakistan Banks Association.