Roshan Digital Accounts Near $9 Billion in Deposits

The Roshan Digital Account (RDA) initiative has emerged as a significant financial tool for Non-Resident Pakistanis (NRPs), allowing them to engage in banking, payment, and investment activities in Pakistan. Launched by the State Bank of Pakistan, this program aims to provide innovative banking solutions tailored to the needs of millions of Pakistanis living abroad. As of October 2024, the total number of Roshan Digital Accounts has reached an impressive 757,587, with over 11,000 new accounts opened in just one month.

According to the latest statistics, the total amount deposited in these accounts has approached a staggering $9 billion, specifically totaling $8,953 million. This remarkable growth reflects the increasing interest of NRPs in maintaining financial ties with their home country. The RDA initiative not only facilitates transactions in various currencies, including USD, PKR, EUR, and GBP, but also allows account holders to utilize their funds locally for a variety of purposes. These include cash withdrawals, bill payments, merchant transactions, and mobile top-ups.

In October 2024 alone, 11,336 new accounts were opened, and NRPs deposited $204 million. This trend indicates a robust monthly growth rate, suggesting that the total deposits will likely surpass the $9 billion mark by the end of November 2024. The local utilization of funds has also been noteworthy, with $5,686 million being used for various transactions, while $1,674 million was repatriated back to the account holders' countries of residence.

The RDA program is particularly beneficial for Non-Resident Pakistan Origin Card (POC) holders, as it provides them with a seamless way to manage their finances in Pakistan. The ability to conduct transactions in both foreign currency and Pakistani Rupees makes it a versatile option for those looking to invest or support their families back home.

The Roshan Digital Account initiative represents a significant step forward in bridging the financial gap between Pakistan and its diaspora. As more NRPs take advantage of this innovative banking solution, it not only strengthens their financial connections to Pakistan but also contributes to the overall economic growth of the country. The continued success of the RDA program could pave the way for further financial innovations that cater to the needs of Pakistanis living abroad, ultimately fostering a stronger relationship between the nation and its global citizens.