State Bank Rewards scheme has brought good news for overseas Pakistanis, as the State Bank of Pakistan (SBP) has introduced a new cash reward program to encourage the use of official banking channels for remittances.
State Bank Governor Jameel Ahmad officially launched the “Pasban Remittance Reward” scheme in Karachi as part of the self-reliance initiative. The program aims to appreciate overseas Pakistanis who send money to Pakistan through legal banking methods.
Under the scheme, banks will provide cash prizes worth Rs16 billion every year to eligible participants. The Pakistan Banks Association has introduced this market-based reward program with support from the banking industry.
During the launching ceremony, Jameel Ahmad highlighted the importance of overseas Pakistanis and their role in strengthening the country’s economy. He said remittances remain a major source of foreign exchange for Pakistan.
The State Bank governor shared that Pakistan’s foreign exchange reserves faced serious pressure in February 2023. At that time, the reserves dropped to around $3 billion.
However, he said improved economic strategies helped increase the reserves to $21.4 billion. He added that the increase came from market-based foreign currency purchases rather than external borrowing.
Jameel Ahmad appreciated overseas Pakistanis for their continuous support. He said workers’ remittances increased significantly over the years.
According to him, remittances stood at $21.7 billion in financial year 2019. The figure reached a record level of $41.6 billion in financial year 2026.
He explained that remittances support millions of families across Pakistan. These funds help people manage household needs and provide resources for education, healthcare, and investment.
The governor said the new initiative would motivate overseas Pakistanis to choose official banking channels. It would also help improve transparency in the remittance system.
The banking industry will cover all scheme expenses. The government treasury will not provide any financial support for the program.
The Pakistan Banks Association CEO Munir Kamal shared further details about the reward system. He said the first draw would take place on January 15, 2027.
The first draw will include remittances received between October 1 and December 31, 2026. The organization will conduct the process through a digital, transparent system.
Participation in the program will remain free for eligible overseas Pakistanis. The scheme will distribute prizes among more than 10,000 winners every year.
Under the State Bank Rewards program, each quarter will offer 2,521 cash prizes with a total value of Rs4 billion.
The first prize category will include one reward worth Rs100 million. The second category will provide 20 prizes of Rs25 million each.
The third category will offer 100 prizes worth Rs10 million each. The fourth category will include 2,400 prizes of Rs1 million each.
The reward system will follow specific eligibility rules. A person must receive at least $100 every month in their bank account for three consecutive months during a quarter.
Eligible participants will receive digital entry numbers based on their remittance amount. Every $100 received will provide one entry, while higher amounts will create more chances to win.
The scheme will also follow regional quotas for prize distribution. GCC countries will receive 50 percent of the allocated rewards.
The United Kingdom and Europe will each receive a 15 percent share. North America will receive 10 percent, while another 10 percent will go to other regions.
The biggest prize will remain open for participants from all countries. This approach will allow overseas Pakistanis from different regions to participate equally.
The authorities will announce the results through the official Pasban website, State Bank platforms, Pakistan Banks Association channels, and participating banks’ social media pages.
The State Bank Rewards initiative aims to strengthen the connection between overseas Pakistanis and Pakistan’s formal financial system. The program will encourage secure and documented remittance flows while recognizing the contribution of overseas communities.
