KARACHI: The State Bank of Pakistan (SBP) has announced a new initiative aimed at encouraging the use of formal banking channels for remittances. Named the Pasban Remittance Reward Scheme, the program will distribute cash prizes worth Rs16 billion annually to eligible remittance recipients across Pakistan.
The scheme was officially launched on Friday by SBP Governor Jameel Ahmad. According to the central bank, the initiative has been introduced in collaboration with the Pakistan Banks Association (PBA) and will be financed entirely by the banking sector, meaning no public funds will be used.
The Pasban scheme is designed to motivate overseas Pakistanis to send money home through regulated banking channels. It will become operational on October 1, 2026, while the first prize draw is scheduled for January 15, 2027. That draw will cover remittances received between October and December 2026.
Who Can Participate?
Individuals receiving remittances through eligible bank accounts or digital wallets will automatically qualify if they receive the equivalent of at least $100 per month for three consecutive months within a quarter.
For every eligible remittance of $100, participants will receive one digital entry into the draw. This means larger remittances can generate multiple entries and increase the chances of winning.
The SBP has clarified that participation is completely free. There are no registration charges, ticket purchases, or minimum balance requirements. However, cash remittances collected over the counter and transfers made through Roshan Digital Accounts will not be included in the scheme.
Prize Structure
Under the program, 2,521 winners will receive prizes every quarter, with total quarterly rewards amounting to Rs4 billion.
- 1 winner will receive Rs100 million
- 20 winners will receive Rs25 million each
- 100 winners will receive Rs10 million each
- 2,400 winners will receive Rs1 million each
With four draws planned every year, the scheme will distribute more than 10,000 prizes annually, bringing the total value of rewards to Rs16 billion.
Regional Allocation
Apart from the grand prize, winners will be selected through regional pools to ensure wider representation among overseas Pakistanis.
The distribution quota includes:
- GCC countries: 50%
- United Kingdom: 15%
- Europe: 15%
- North America: 10%
- Other countries: 10%
The top prize of Rs100 million will remain open to all eligible participants regardless of their country of residence.
Record Growth in Remittances
Speaking at the launch ceremony, SBP Governor Jameel Ahmad highlighted the growing importance of overseas Pakistanis to the national economy. He noted that workers’ remittances reached a record $41.6 billion during FY2026, compared with $21.7 billion in FY2019, reflecting significant growth over the past several years.
The governor also pointed to improvements in Pakistan’s foreign exchange position, stating that reserves had increased from around $3 billion in February 2023 to $21.4 billion, largely due to foreign exchange purchases from the market rather than external borrowing.
According to the central bank, the Pasban Remittance Reward Scheme is intended to strengthen confidence in formal remittance channels while acknowledging the valuable contribution of Pakistanis living abroad.
The prize draws will be conducted through a transparent digital system, and results will be announced through the scheme’s official platform as well as the websites and social media accounts of participating banks and the Pakistan Banks Association.
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