State Bank Announces Rs16 Billion Annual Rewards Scheme for Overseas Pakistanis
Karachi: State Bank of Pakistan Governor Jameel Ahmad has inaugurated a new remittance rewards scheme for overseas Pakistanis, under which people sending money to Pakistan through formal banking channels will be eligible for annual cash prizes worth Rs16 billion.
The scheme, launched under the Pakistan Banks’ Association (PBA), aims to encourage overseas Pakistanis to send their remittances through legal and banking channels.
Addressing the inauguration ceremony, Governor Jameel Ahmad said Pakistan’s foreign exchange reserves had fallen to $3 billion in February 2023, but had now increased to $21.4 billion.
He said the current foreign exchange reserves had been built through purchases of foreign currency from the market rather than through external borrowing. The SBP governor also described workers’ remittances as an important contributor to Pakistan’s economy.
According to Jameel Ahmad, workers’ remittances stood at $21.7 billion in fiscal year 2019 and reached a record $41.6 billion in fiscal year 2026.
All expenses related to the rewards scheme will be borne by the banking industry, with no financial burden on the national exchequer. More than 10,000 people will receive prizes under the scheme every year.
According to PBA Chief Executive Officer Munir Kamal, the first draw will be held on January 15, 2027, covering remittances received between October 1 and December 31, 2026. The draw will be conducted digitally and transparently, while participation in the scheme will be free of charge.
Under the scheme, 2,521 cash prizes worth Rs4 billion will be distributed every quarter. The first prize will be Rs100 million, with one winner; the second prize will comprise 20 prizes of Rs25 million each; the third category will include 100 prizes of Rs10 million each; and the fourth category will consist of 2,400 prizes of Rs1 million each.
Recipients will be eligible if they receive at least $100 per month in their bank account for three consecutive months. One digital entry number will be issued for every $100 received, while individuals receiving larger amounts will receive a greater number of entries.
A regional quota has also been allocated for the prizes, with 50% for Gulf Cooperation Council (GCC) countries, 15% for the United Kingdom, 15% for Europe, 10% for North America and 10% for other countries.
