Home Remittance

Home remittances are one of the key sources of foreign exchange for Pakistan and play a vital role in supporting the country's balance of payments, strengthening economic stability, and improving the livelihoods of millions of families. The State Bank of Pakistan, in collaboration with the Government of Pakistan, is committed to facilitating secure, convenient, and cost-effective remittance services through formal channels.

Introduction

In order to provide ownership structure in Pakistan for remittance facilitation, Ministry of Finance, State Bank of Pakistan and Ministry of Overseas Pakistanis launched Pakistan Remittance Initiative (PRI) in 2009. The key objectives of PRI are below:

• facilitate and ensure faster, cheaper, convenient and efficient flow of remittances.
• provide investment opportunities in Pakistan for Overseas Pakistanis.

What PRI Does

• Facilitating Efficient Remittance Services through a dedicated Remittance Model: PRI in collaboration with SBP has introduced a dedicated remittance channel – commonly referred to as the ‘PRI Channel’. The channel is built on direct bilateral arrangements between domestic and international financial institutions, supported by pre-funding requirement, system-to-system integration through API connectivity, and Pakistan's national payment infrastructure. The channel is designed to enhance efficiency, reduce costs, and ensure secure and instant delivery of remittances through formal channels.
• Expanding Remittance Network in Pakistan: PRI has played a key role in broadening Pakistan's remittance ecosystem by encouraging and facilitating the participation of banks, microfinance banks, and exchange companies. Further, the network of Branchless Banking is also allowed to receive home remittances through Mobile Wallets.
• Expanding Global Remittance Partnerships: PRI works closely with domestic and international financial institutions, money transfer operators (MTOs), and fintech companies to strengthen remittance corridors and expand access to formal remittance channels for Overseas Pakistanis worldwide.
• Outreach and Awareness: PRI with the support of Pakistani banks regularly conducts outreach and awareness campaigns in Pakistan and abroad to:
  • Promote the use of formal channels.
  • Educate remitters and beneficiaries about formal channels.
  • Raise awareness about the risks associated with informal channels such as Hundi/Hawala.
  • Recognize the valuable contributions of Overseas Pakistanis to Pakistan's economy.
• Pakistan Remittance Summit (PRS) and PRI Awards: PRI in collaboration with Pakistani banks, has been organizing the Pakistan Remittance Summit (PRS) since 2017 in key remittance corridors to strengthen partnerships, promote knowledge sharing, and facilitate discussions on emerging trends and innovations in the remittance industry. The Summit also features the PRI Awards, which recognize the financial institutions that have made outstanding contributions for the growth of remittances in Pakistan.
• Pre-Departure Briefing Program: In collaboration with the Bureau of Emigration & Overseas Employment (BE&OE) and banks, PRI conducts awareness sessions for intending overseas workers on the benefits of using formal remittance channels and risks associated with informal channels such as Hundi/Hawala. The program also facilitates workers in account opening process.

PRI Call Centre

PRI operates a dedicated ‘Call Center’ to provide information, guidance, and complaint resolution services related to home remittances. The customers can contact the call centre for assistance regarding home remittance services and related complaints.