State Bank of Pakistan (SBP) Governor Jameel Ahmad has inaugurated the Pasban Remittance Reward Scheme, a banking industry-funded initiative offering Rs. 16 billion in annual cash prizes to customers receiving overseas remittances through formal banking channels.
The scheme has been launched under the Pakistan Banks Association (PBA) and developed with the support of the SBP. The banking industry will fully fund the rewards, meaning the scheme will not place a financial burden on the national exchequer. It aims to encourage overseas Pakistanis to continue sending remittances through formal banking channels.
Speaking at the launch ceremony, Governor Jameel Ahmad said the SBP, government and PBA had worked together to develop a sustainable and market-oriented remittance scheme. He noted that workers’ remittances support millions of Pakistani families by helping meet household expenses and funding education, healthcare and investment.
The governor said Pakistan’s external position has strengthened in recent years, with SBP foreign exchange reserves rising to $21.4 billion, compared with below $3 billion in February 2023. He also highlighted that workers’ remittances reached a record $41.6 billion in FY2026, compared with $21.7 billion in FY2019.
According to the PBA, the Pasban scheme builds on previous government and industry initiatives aimed at promoting formal remittance channels. The banking industry has also funded a remitter incentive since July 2026, bringing its annual commitment toward remittance support to nearly Rs. 100 billion.
Under the new scheme, a beneficiary receiving a home remittance equivalent to at least $100 per month for three consecutive months within a quarter will qualify for participation. Each eligible $100 remittance will generate one digital, non-transferable entry.
Beneficiaries receiving larger amounts can earn additional entries. For example, receiving $100, $200 and $300 in three consecutive months would generate one, two and three entries respectively, giving the beneficiary six entries for the quarter.
A total of 2,521 cash prizes worth Rs. 4 billion will be distributed every quarter. The prizes include one first prize of Rs. 100 million, 20 second prizes of Rs. 25 million each, 100 third prizes of Rs. 10 million each and 2,400 fourth prizes of Rs. 1 million each.
The scheme will distribute prizes across major remittance regions, with 50% allocated to the GCC, 15% to the UK, 15% to Europe, 10% to North America and 10% to other countries. The first prize will be open to beneficiaries from all regions.
The first quarterly draw is scheduled for January 15, 2027, covering eligible remittances received between October 1 and December 31, 2026. The draw will be conducted through a secure, fully digital and auditable process.
Participation in the scheme is free. Eligible beneficiaries will not be required to pay any fee, purchase tickets, maintain a minimum balance or provide any other consideration to participate.
PBA Chairman Zafar Masud said Pakistan’s banking industry had continued to support the economy through remittance incentives, export financing and increased lending to private, agricultural and small and medium-sized businesses. He said the Pasban scheme recognizes the contribution of overseas Pakistanis in partnership with the SBP and government.
