KARACHI: Pakistan has received $554 in five months from Roshan Digital Accounts, a banking initiative for non-resident Pakistanis launched last year, with 57 percent of the remittances, or $316 million, coming from Saudi Arabia and the UAE, the central bank has said.
A Roshan Digital Account (RDA) enables overseas Pakistanis to open a bank account online from anywhere outside Pakistan without visiting a branch and permits account holders to send money into the account. Account holders can perform transactions like funds transfer and bill payment via online banking, debit card or cheque books. Online banking is available for all RDA customers.
Since the initiative’s launch in September 2020, overseas Pakistanis have opened 92,500 accounts and remitted $554 million. Thirty four percent of the accounts were opened by Pakistanis living in Saudi Arabia and 24 percent by UAE residents, according to a presentation given by the central bank on Wednesday.
“Out of $554 million put into Roshan Digital Accounts, 22% funds were received from Saudi Arabia and 35% from Pakistani living in UAE,” Syed Irfan Ali, Managing Director of Deposit Protection Corporation, a wholly owned subsidiary of the State Bank of Pakistan, said at a ceremony to mark Dubai Islamic Bank (DIB) joining the RDA initiative.
Roshan Digital Account services were being offered by nine banks including Saudi Samba Bank. Dubai Islamic Bank, the world’s first Islamic bank, is the tenth to join.
“Our existing customer base of over 200,000 in UAE gives us an all-important advantage to capture the potential for Roshan Digital Accounts,” DIB CEO Junaid Ahmed said at the joining ceremony in Karachi. “Moreover, non-resident Pakistanis working in UAE will also benefit from this product. Our focus is on a seamless experience and prompt response time for the customers.”
Roshan Digital Accounts enable overseas Pakistanis to deposit and invest in Pakistan. They also offer an additional financial instrument, Naya Pakistan Certificates (NPCs), through which overseas Pakistanis can invest in USD and Pakistani currency with returns of 7% and 11% on five years maturity.
NPCs offer attractive risk-free returns over different maturities and are available in both conventional and Shariah compliant versions administered by the central bank. So far, central bank officials say overseas Pakistanis have invested $358 through NPCs.
$316 mln inflows in Roshan Digital Accounts from Pakistanis in Saudi Arabia, UAE
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$316 mln inflows in Roshan Digital Accounts from Pakistanis in Saudi Arabia, UAE
- Roshan Digital Accounts enable overseas Pakistanis to open bank account online from anywhere outside Pakistan without visiting branch
- Since initiative’s launch in Sept 2020, overseas Pakistanis have opened 92,500 accounts and remitted $554 million
At ECO meeting, Pakistan proposes ‘Regional Innovation Hub’ to curb natural disasters
- Pakistan hosts high-level 10th ECO Ministerial Meeting on Disaster Risk Reduction in Islamabad
- Innovation hub to focus on early warning technologies, risk informed infrastructure planning
ISLAMABAD: Pakistan has proposed to set up a “Regional Innovation Hub on Disaster Risk Reduction” that focuses on early warning technologies and risk informed infrastructure planning, the Press Information Department (PID) said on Wednesday, as Islamabad hosts a high-level meeting of the Economic Cooperation Organization (ECO).
The ECO’s 10th Ministerial Meeting on Disaster Risk Reduction (DRR) is being held from Jan. 21-22 at the headquarters of the National Disaster Management Authority (NDMA) in Pakistan’s capital.
The high-level regional forum brings together ministers, and senior officials from ECO member states, representatives of the ECO Secretariat and regional and international partner organizations. The event is aimed to strengthen collective efforts toward enhancing disaster resilience across the ECO region, the PID said.
“Key agenda items include regional cooperation on early warning systems, disaster risk information management, landslide hazard zoning, inclusive disaster preparedness initiatives, and Pakistan’s proposal to establish a Regional Innovation Hub on Disaster Risk Reduction, focusing on early warning technologies, satellite data utilization, and risk-informed infrastructure planning,” the statement said.
The meeting was attended by delegations from ECO member states including Pakistan, Türkiye, Azerbaijan, Iran, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. Representatives of regional and international organizations and development partners were also in attendance.
Discussions focused on enhancing regional coordination, harmonizing disaster risk reduction frameworks, and strengthening collective preparedness against transboundary and climate-induced hazards impacting the ECO region, the PID said.
ECO members states such as Pakistan, Türkiye, Afghanistan and others have faced natural calamities such as floods and earthquakes in recent years that have killed tens of thousands of people.
Heavy rains triggered catastrophic floods in Pakistan in 2022 and 2025 that killed thousands of people and caused damages to critical infrastructure, inflicting losses worth billions of dollars.
Islamabad has since then called on regional countries to join hands to cooperate to avert future climate disasters and promote early warning systems to avoid calamities in future.
