KARACHI: The banking industry, under the auspices of the Pakistan Banks Association (PBA), has launched the ‘Pasban Remittance Reward Scheme’, a market-based and sustainable initiative offering Rs16 billion in annual cash prizes to incentivise and reward remittance recipients.
Governor State Bank of Pakistan Jameel Ahmad, inaugurated the scheme at the head office on Friday.
The scheme is funded entirely by the banking industry and does not entail any burden on the national exchequer. Developed under the patronage of the SBP, the scheme aims to further encourage overseas Pakistanis to use formal banking channels for sending remittances to their families and loved ones in Pakistan.
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The scheme offers Rs16 billion in annual cash prizes to recognise and reward remittance customers using banking channels for home remittances sent to Pakistan.
Briefing participants on the initiative, Muneer Kamal, CEO & Secretary General, PBA, said that the Pasban Scheme is the latest in a series of coordinated steps by SBP, the Government and the industry to support the external sector.
He explained that this scheme builds on the remitter incentive banks have funded since July 2026, bringing the industry’s annual commitment to close to Rs100 billion. He further added that this year, banks voluntarily cut the Export Refinance Facility markup by 3 points to 4.50 percent on new loans and rollovers, within the Rs1,052 billion ERF limit, supporting the Government’s export-led growth agenda alongside the Export-Import Bank’s financing for exports of SME sector.
As per the key features of the scheme a remittance beneficiary receiving home remittance transaction equivalent to USD 100 or more each month for three consecutive months within a quarter into a bank account will be eligible for participation in the scheme, he informed.
In addition, a remittance transaction equivalent to USD 100 will receive one digital, non-transferable entry number (ticket), subject to receiving eligible remittance transaction in consecutive three months. For example, if a beneficiary receives remittances equivalent to USD 100 each month for three consecutive months, he/she will receive three entry numbers for the quarter.
A beneficiary receiving higher-value remittances will receive additional entry numbers in proportion to the amount received. For example, if a beneficiary receives USD 100 in October, USD 200 in November, and USD 300 in December, they will receive 1, 2 and 3 entry numbers, respectively, giving the beneficiary a total of six entries for the quarter.
Under the scheme, a total of 2,521 cash prizes worth Rs4 billion will be distributed every quarter, including one first prize of Rs100 million, 20 second prizes of Rs25 million each, 100 third prizes of Rs10 million each and 2,400 fourth prizes of Rs1 million each. The scheme will distribute Rs16 billion annually among more than 10,000 lucky winners.
To ensure a broad regional distribution, 50 percent of the prizes will be allocated to beneficiaries receiving remittances from the GCC, 15 percent each from the UK and Europe, 10 percent from North America and 10 percent from other countries, while the first prize will be open to beneficiaries receiving remittances from all regions.
The draws will be held quarterly through a secure, fully digital and auditable process, with the first draw scheduled for January 15, 2027, covering eligible remittances received from October 1 to December 31, 2026. Participation in the scheme will be completely free, with banks prohibited from charging any fee or requiring a payment, ticket purchase, minimum balance or any other consideration from eligible remittance beneficiaries.
Zafar Masud, Chairman, PBA, said Pakistan’s banks have consistently stepped up, taking over the Rs80 billion remitter incentive, cutting export refinance rates for our exporters, taking private, agricultural and SME lending to record levels, and supporting circular debt resolution. Overseas Pakistanis are an equally important part of this story, and the Pasban Scheme recognises their contribution, in partnership with SBP and the Government.
The draw results will be announced publicly on the following dedicated webpage of the Scheme, and on the websites and official social media handles of banks and PBA.