Zulfi for digital challenger bank to boost remittances

ISLAMABAD: Highlighting immense potential and importance of remittances in the national development, Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari has reiterated the need for setting up a digital challenger bank to bring significant improvement in foreign currency reserves of the country.

He, once again, laid the stress on the initiative on his twitter account while sharing some statistics that showed rapid growth of Pakistan’s remittances in the world.

“These numbers show the importance and potential of overseas remittances that’s yet to be realised. For the past two years I have been emphasising that Pakistan needs a digital challenger bank. For a country like Pakistan that’s the way forward if we are to optimise remittances,” the SAPM tweeted.

The present government is striving hard to boost remittances by incentivizing the overseas Pakistanis. ‘Roshan Digital Account’ has recently been launched by the government to encourage the expats to send their hard earned money through banking channels.

The initiative has multiple features including option of opening bank account in rupee and foreign currency or both remotely, full repatriation of funds without regulatory approval, and others.

Earlier, SAPM Zulfikar Bukhari aka Zulfi Bukhari told the media that the Roshan Digital Account was a step towards the digital challenger bank. He added that the ultimate goal of the government was to transform the initiative into digital account.