Summary The State Bank of Pakistan has launched the Pasban Remittance Rewards Scheme, offering Rs16 billion in annual cash prizes to encourage overseas Pakistanis to use formal banking channels.
ISLAMABAD (Web Desk) - State Bank of Pakistan (SBP) Governor Jameel Ahmad has launched the Pasban Remittance Rewards Scheme, under which overseas Pakistanis sending remittances through formal banking channels will be eligible for cash prizes worth Rs16 billion annually.
The scheme has been introduced under the patronage of the SBP and is being implemented by the Pakistan Banks’ Association (PBA). The banking industry will bear the entire cost of the programme, with no financial burden on the national exchequer.
Under the scheme, remittance recipients who receive at least $100 per month for three consecutive months in their bank accounts will become eligible to participate.
Eligible recipients will receive digital, non-transferable entry numbers based on the amount of remittances received. Higher remittance amounts will result in additional entries.
A total of 2,521 cash prizes worth Rs4 billion will be distributed every quarter. These include:
- First prize: One prize of Rs100 million
- Second prize: 20 prizes of Rs25 million each
- Third prize: 100 prizes of Rs10 million each
- Fourth prize: 2,400 prizes of Rs1 million each
With four quarterly draws, the total value of prizes will reach Rs16 billion annually, with more than 10,000 recipients expected to receive awards.
The first draw is scheduled for Jan. 15, 2027, covering eligible remittances received between Oct. 1 and Dec. 31, 2026.
The prize allocation will also take into account regions from which Pakistan receives significant remittances. Fifty per cent of the prizes will be allocated to the Gulf Cooperation Council (GCC) region, 15% to the United Kingdom, 15% to Europe, 10% to North America and 10% to other countries.
Speaking at the launch ceremony, SBP Governor Jameel Ahmad said the scheme had been developed jointly by the central bank, government and banking industry to encourage overseas Pakistanis to use formal channels for sending money to Pakistan.
He said workers' remittances remain an important source of income for millions of Pakistani families, helping meet household expenses and supporting education, healthcare and investment.
Ahmad said Pakistan's workers' remittances reached a record $41.6 billion in fiscal year 2026, compared with $21.7 billion in fiscal year 2019.
He also said the SBP's foreign exchange reserves had increased to $21.4 billion, from $3 billion in February 2023.
PBA CEO and Secretary General Munir Kamal said the banking industry had been working with the government and SBP to strengthen the formal remittance system.
He said participation in the Pasban scheme would be completely free, and banks would not charge recipients any fee or require payment, ticket purchases or minimum balances for participation.
The scheme will use a digital, secure and auditable draw mechanism, according to the details shared at the launch.
