The State Bank of Pakistan (SBP) has successfully integrated its Raast payment system with Arab countries. This milestone comes as SBP Governor Jameel Ahmed announced that the instant payment system, Raast, is now linked to the Arab Monetary Fund’s Buna platform. The integration enables smooth transactions in Pakistani rupees across Arab nations, enhancing cross-border payments; the SBP integrates Raast with the Arab regional payment system to facilitate financial transactions and promote trade.
SBP Integrates Raast With Arab Regional Payment System to Promote Bilateral Relationships
The integration of Raast with the Arab Monetary Fund’s Buna platform represents a substantial leap for Pakistan’s financial system. By enabling rupee-based transactions between Pakistan and Arab nations, this development is expected to simplify cross-border payments, offering a faster and more efficient system. It will not only facilitate trade between Pakistan and Arab countries but also align with SBP’s goals of financial inclusion and modernization. Furthermore, the SBP is working on expanding these capabilities to China, enabling e-wallet users in Pakistan to make direct payments through online banking channels.
Financial Inclusion
Alongside this integration, the SBP has introduced its third National Financial Inclusion Strategy (NFIS) for 2028. The strategy aims to expand banking access to 75% of Pakistan’s adult population by 2028, up from the current 60%; a vital focus of the plan is to ensure that women make up 25% of banking service users, promoting gender equality in financial access. By addressing challenges in the financial sector and improving service quality, the SBP is laying the groundwork for a more inclusive and efficient financial system across Pakistan.
Read more: SBP Launches Much-awaited P2M Payments under Raast
