State Bank of Pakistan reports surge in RDA remittances

The State Bank of Pakistan (SBP) has announced a significant rise in remittances flowing through the Roshan Digital Account (RDA) scheme. This initiative, aimed at Non-Resident Pakistanis (NRPs) and Non-Resident Pakistan Origin Card (POC) holders, has proven to be a popular choice for managing banking, payments, and investments within Pakistan.

As of April 2024, the total remittances received through the RDA scheme stood at $7.831 billion, marking an increase from the previous month's figure of $7.660 billion. Despite a slight dip in April with remittances totaling $171 million, the overall trend remains positive.

The number of accounts registered under the Roshan Digital Account program witnessed a growth of 9,585 in April 2024, reaching a total of 689,650 accounts compared to 679,792 in March 2024. This surge in account registrations reflects the growing interest among overseas Pakistanis in utilizing this platform for their financial needs.

Investments through the Roshan Digital Account platform have also gained traction, with notable amounts allocated to various instruments. By the end of April, investments included $317 million in Naya Pakistan Certificates, $523 million in Naya Pakistan Islamic Certificates, and $33 million in Roshan Equity Investment, showcasing the diverse options available for investors.

The Roshan Digital Account scheme continues to attract overseas Pakistanis seeking efficient and secure financial solutions for managing their assets in Pakistan. With a user-friendly interface and a range of investment opportunities, this initiative serves as a bridge for NRPs to connect with their homeland economically. The increasing inflow of remittances and growing investment figures underscore the success and potential of the Roshan Digital Account program in facilitating financial transactions for the Pakistani diaspora.