ISLAMABAD: The State Bank of Pakistan has launched the Pasban Remittance Reward Scheme, under which the banking industry will offer Rs16 billion in annual cash prizes to recipients of home remittances sent through formal channels, said a statement on Saturday.
The scheme, launched by the SBP Governor Jameel Ahmad on Friday, was launched under the auspices of the Pakistan Banks Association (PBA) and developed under the patronage of the State Bank of Pakistan (SBP).
“The scheme is aimed at encouraging overseas Pakistanis to send money through formal banking channels,” said the statement.
It further said that under the scheme, prizes of Rs 4bn will be distributed every quarter to 2,521 winners, or more than 10,000 winners annually.
“Each quarterly draw will offer one top prize of Rs100 million, 20 prizes of Rs25m each, 100 prizes of Rs10m and 2,400 prizes of Rs1m,” added the statement.
The uniqueness of the scheme is that it rewards the person receiving the remittance in Pakistan instead of the sender abroad.
According to the statement, participation in the scheme is automatic and free, with no application, registration, ticket purchase or minimum-balance requirement.
To qualify, a beneficiary must receive home remittances equivalent to at least $100 into an eligible bank account or wallet in each of the three months of a quarter.
The number of entries increases with the value of each qualifying remittance.
The first qualifying period will run from Oct 1 to Dec 31, 2026, and the first draw is scheduled for Jan 15, 2027.
Prizes other than the top award will be distributed through regional pools, with 50% allocated to remittances originating from the Gulf Cooperation Council countries, 15% each to the United Kingdom and Europe, and 10% each to North America and other countries.
The statement went on to say that the Rs100m first prize will be open to eligible beneficiaries regardless of the country from which the remittance was sent.
Speaking at the launch ceremony, the SBP governor said workers’ remittances were the backbone of millions of families, helping meet household expenses and supporting education, healthcare and investment.
He further said Pakistan’s external account position had improved substantially and SBP’s foreign exchange reserves have jumped to $21.4bn from below $3bn in February 2023.
He said the strengthening of foreign exchange buffers had been driven primarily by purchases from the market rather than accumulation of external debt.
Meanwhile, workers’ remittances reached a record $41.6bn in FY26 compared to $21.7bn in FY19, nearly doubling over the period.