Overseas Pakistanis in Saudi Arabia and UAE send $316 million inflows in Roshan Digital Accounts (RDAs)

21,000 Roshan Digital Accounts Opened; $24 M Received: Pm | PAK5 News - Pakistan NewsPakistan has received $554 million in five months from Roshan Digital Accounts.

Around 57% of the remittances, or $316 million, came from the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE).

A Roshan Digital Account (RDA) permits overseas Pakistanis to open a bank account online from anywhere outside their homeland without visiting a branch and permits account holders to send money into the account.

Account-holders can perform transactions like funds transfer and bill payments via online banking, debit card, or checkbooks.

Online banking is available for all RDA customers.

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Since the initiative’s commence in September 2020, overseas Pakistanis have opened 92,500 accounts and remitted $554 million.

According to a central bank presentation on Wednesday, 34% of the accounts were opened by Pakistanis living in Saudi Arabia and 24% by UAE residents.

“Out of $554 million put into RDAs, 22% funds were received from the KSA and 35% from Pakistanis living in the UAE,” Syed Irfan Ali said at a ceremony to mark the Dubai Islamic Bank (DIB) joining the RDA initiative.

Syed Irfan Ali is the Managing Director of the Deposit Protection Corporation (DPC), a wholly-owned subsidiary of the State Bank of Pakistan (SBP).

Previously, Roshan Digital Account services were being offered by nine banks.

These included Samba Bank, Bank Alfalah, Faysal Bank, HBL, HabibMetro, MCB, Meezan Bank, Standard Chartered, and UBL.

Now, Dubai Islamic Bank is the tenth to join.

“Our existing customer base of over 200,000 in UAE gives us an all-important advantage to seize the potential for RDAs,” DIB CEO Junaid Ahmed said at the joining ceremony in Karachi, the “City of Lights”.

“Moreover, overseas Pakistanis working in the UAE will also benefit from this product. Our focus is on a pleasant experience and prompt response time for the customers.”

Roshan Digital Accounts enable non-resident Pakistanis to deposit and invest in Pakistan.

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They also offer a supplementary financial instrument, Naya Pakistan Certificates (NPCs), via which non-resident Pakistanis can invest in PKR and USD with returns of 75% and 11% on five years of maturity.

NPCs offer attractive risk-free returns over various maturities and are available in conventional and Shariah-compliant versions administered by the central bank.

So far, central bank officials say non-resident Pakistanis have invested $358 million via NPCs.

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