Roshan Digital Accounts Achieve $8.4 Billion in Remittances

The Roshan Digital Accounts (RDA) continue to be a significant success for Pakistan, with remittances sent by overseas Pakistanis through these accounts surpassing $8.416 billion. Recent data from the State Bank of Pakistan highlights the growing popularity and impact of RDAs in facilitating financial inflows from the Pakistani diaspora.

In July 2024 alone, overseas Pakistanis transferred $161 million through the RDA platform, contributing to the overall cumulative remittance volume of $8.416 billion since the program’s inception in September 2020. This figure is slightly lower compared to the $224 million transferred in June 2024, yet it reflects the sustained trust and participation of overseas Pakistanis in the RDA initiative.

Roshan Digital Accounts Achieve $8.4 Billion in Remittances

The number of new account openings through RDA also reflects positive growth. In July, 10,820 new accounts were registered, pushing the total number of active Roshan Digital Accounts to 723,598. This increase in account registrations indicates a growing awareness and interest among overseas Pakistanis to use RDAs for remittances and investments.

The RDA platform has not only made it easier for overseas Pakistanis to send money home but has also opened up new avenues for investment. Data shows that a significant portion of the funds is being directed towards investment opportunities available through RDAs. Overseas Pakistanis have invested $357 million in New Pakistan Certificates, offering attractive returns. Additionally, $618 million has been invested in New Pakistan Islamic Certificates, catering to those preferring Sharia-compliant financial products. Another $39 million has been channelled into Roshan Equity Investments, allowing overseas Pakistanis to invest in the country’s stock market.

Overall, the continued growth in remittances and investments through Roshan Digital Accounts underscores the platform’s importance in connecting overseas Pakistanis with economic opportunities back home. As the RDA initiative evolves, it will likely play a crucial role in bolstering Pakistan’s foreign exchange reserves and supporting its economic development.

See Also: Decline in Roshan Digital Account (RDA) Inflows Amid Economic Challenges