Raast & Buna Payment Systems to Transform Remittances
Raast & Buna Payment Systems to Transform Remittances: Every year, millions of Overseas Pakistanis, especially those working in Gulf countries like Saudi Arabia, the UAE, Qatar, Kuwait, and Oman, send billions of dollars back home. These remittances not only support their families financially but also play a crucial role in strengthening Pakistan’s economy and foreign exchange reserves.
To make this remittance process faster, cheaper, and more secure, the Government of Pakistan and the State Bank of Pakistan (SBP) are launching a new initiative: linking the Raast and Buna Payment Systems. This move is expected to revolutionize how money is sent from the Gulf region to Pakistan.
The Economic Power of Overseas Pakistanis
A large portion of Pakistanis living abroad are employed in sectors like construction, transport, services, and domestic work. Saudi Arabia alone contributes a major share of annual remittances sent to Pakistan, making it a key player in the country’s economic stability.
These remittances have a direct impact on Pakistan’s foreign reserves, and the government is constantly seeking ways to improve the process and reduce reliance on informal channels like hundi and hawala, which are risky and illegal.
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What Are Raast and Buna Payment Systems?
Raast:
Developed by the State Bank of Pakistan, Raast is an instant, low-cost digital payment system that allows real-time transfers between banks and mobile wallets. It promotes financial inclusion and enables users to send or receive money within seconds.
Buna:
Buna is a cross-border payment system launched by the Arab Monetary Fund, designed to serve countries in the Middle East and North Africa (MENA) region. It enables fast, transparent, and secure international transactions.
By linking Raast and Buna, money sent by Overseas Pakistanis in Gulf countries can now be directly transferred to any bank account in Pakistan—legally, safely, and without delay.
How This System Will Benefit Overseas Pakistanis
This powerful integration of Raast and Buna Payment Systems is a game-changer for millions of Pakistani workers abroad. Here’s how it helps:
- Secure Transfers: All transactions are tracked and monitored by official banking systems, reducing fraud and theft risks.
- Low Cost: Unlike Western Union or MoneyGram, this system will reduce transaction fees significantly.
- Faster Processing: Transfers happen instantly or within a few minutes.
- Greater Accessibility: Funds can be sent directly to mobile wallets or bank accounts—even in remote areas.
- Reduces Dependence on Hawala/Hundi: Illegal channels like hundi are unsafe and harm the economy by bypassing formal systems.
However, it’s important to note that this system will currently only allow remittances into Pakistan, not the other way around.
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Supporting the Vision of a Digital Pakistan
The Raast-Buna linkage is part of a broader digital transformation plan by the Government and SBP. According to Governor Jamil Ahmed, the following targets are set:
- Transition to a cashless economy by June 2026.
- Provide digital financial services to 75% of Pakistan’s youth by 2028.
- Shift key financial activities like salary, pension, taxes, and utility bill payments to digital platforms.
- Promote financial inclusion and transparency across the country.
Pakistan’s Digital Banking Infrastructure
Pakistan currently has:
- 226 million bank accounts, including 96 million unique users.
- 19,000 bank branches and 20,000 ATMs nationwide.
- Over 850,000 QR merchants and 9,500 registered merchants.
These numbers reflect a growing trust in digital platforms and the public’s increasing shift towards cashless transactions. To encourage this trend, the government has announced that no additional charges will be applied to digital transactions for customers or merchants.
Legal and Policy Support
To ensure long-term success, the government is also working on legislation to formalize and protect digital payments. According to Minister of State for Finance Bilal Kayani, Pakistan will not charge the 0.5% digital transaction fee from merchants—this cost will be borne by the government. This gives Pakistan an advantage over many other developing countries trying to digitize their economies.
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Strengthening Ties Between Pakistan and the Arab Region
By connecting Raast and Buna Payment Systems, Pakistan not only simplifies remittances but also strengthens its economic and investment ties with Arab countries. This system will benefit:
- Individuals: Safe, quick remittances to families.
- Businesses: Easier cross-border payments and investments.
- Government: Increased foreign reserves and reduced economic leakage through informal methods.
A State Bank spokesperson explained that this initiative will open new doors for economic cooperation and financial stability between the MENA region and Pakistan.