Cross-border Payments Now Live: A New Era In Global Transactions

Pakistan Reaches Milestone in Cross-Border Payments and Financial Inclusion

The State Bank of Pakistan (SBP) Governor Jameel Ahmed announced a significant achievement: cross-border payments in Pakistani rupees between Pakistan and Arab nations are now possible. This has been made possible by integrating Pakistan’s Raast instant payment system with the Arab Monetary Fund’s Buna platform.

In addition, Pakistan is working to allow e-wallet users to make payments in China via online banking channels. This step is part of SBP’s broader strategy to strengthen regional financial ties and promote digital payments.

Looking ahead, SBP plans to launch its third National Financial Inclusion Strategy (NFIS) by the end of fiscal year 2024-25. This new strategy aims to increase banking access to 75% of Pakistan’s adult population, with a focus on women’s financial inclusion.

The Governor also highlighted efforts to further boost cross-border financial integration and expand digital financial services across the region. This includes new collaborations with China and advancements in warehouse receipt financing for agriculture.

Additionally, the SBP is developing a financial inclusion index to provide better insights into Pakistan’s financial landscape. The index will cover three key areas: access, usage, and quality of services.

These initiatives are set to drive inclusive economic growth and improve financial access for underserved populations, especially women, youth, and those in rural areas.