Governor of the State Bank of Pakistan (SBP) Jameel Ahmad on Saturday unveiled the Pasban Remittance Reward Scheme, a market-based initiative offering Rs16 billion in annual cash prizes to remittance customers who use banking channels.

Developed under SBP’s patronage and funded entirely by the banking industry through the Pakistan Banks Association (PBA), the scheme aims to encourage overseas Pakistanis to send remittances via formal channels. Governor Ahmad said remittances remain the “backbone of millions of families,” noting that inflows reached a record US$41.6 billion in FY26, nearly double FY19 levels.

He highlighted stronger FX reserves of US$21.4 billion, driven by market purchases rather than debt accumulation. Under the scheme, beneficiaries receiving USD 100 or more monthly for three consecutive months will qualify for prize draws. Each quarter, 2,521 prizes worth Rs4 billion will be awarded, including a Rs100 million first prize.

Annual winners will exceed 10,000, with draws conducted digitally and transparently.

PBA CEO Muneer Kamal said the scheme builds on banks’ existing remitter incentives, bringing their annual commitment close to Rs100 billion, alongside reduced export refinance rates. PBA Chairman Zafar Masud added that Pasban “recognises the contribution of overseas Pakistanis” in partnership with SBP and the Government. The first draw is scheduled for January 15, 2027, with results to be announced on the scheme’s official webpage: https://1link.net.pk/pasbanrewards.