Inflows through Roshan Digital Accounts (RDA) amounted to $168 million in September 2024, pushing the total cumulative inflows to $8.75 billion since the initiative’s inception, according to data released by the State Bank of Pakistan (SBP). The September inflow marked a $3 million increase compared to August’s $165 million.
This brings the total inflows for the first three months of the current fiscal year (3MFY25) to $494 million, up from $406 million in the same period last year.
Repatriation and Local Utilization
In September, $17 million was repatriated by overseas Pakistanis, while $113 million was used domestically, increasing the net repatriable liability (NRL) of RDA by $39 million. Since the launch of the RDA in September 2020, cumulative repatriation and local utilization stand at $7.22 billion, of which $1.66 billion has been repatriated and $5.55 billion utilized locally. This leaves an NRL of $1.53 billion, representing 17.52% of the total RDA inflows.
During the first quarter of FY25, total repatriation and local utilization reached $394 million, slightly higher than the $388 million recorded in the same period last year.
Breakdown of Outstanding Liabilities
As of September 2024, the breakdown of outstanding liabilities under RDA shows that $1.04 billion is still invested in Naya Pakistan Certificates (NPCs), with $380 million in conventional NPCs and $656 million in Islamic NPCs. In addition, Roshan equity investments stand at $41 million, balances in RDA accounts total $420 million, and other liabilities are reported at $34 million.
New Accounts and Milestones
In September, 11,138 new RDA accounts were opened, bringing the total number of accounts to 746,251. The highest monthly inflow into RDAs was recorded in June 2021, with $310 million, while the peak for monthly repatriation and local utilization occurred in July 2022, reducing the NRL by $330 million.
About Roshan Digital Accounts
The Roshan Digital Account initiative, launched by the SBP in collaboration with commercial banks, offers innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including holders of the Pakistan Origin Card (POC). Through RDAs, NRPs can conduct banking, payment, and investment activities in Pakistan completely online, without needing to visit a bank, embassy, or consulate.
The digital account opening process is streamlined, requiring only basic documents and information, with banks mandated to complete customer due diligence within 48 hours.
Roshan Digital Accounts continue to play a pivotal role in attracting foreign investments and facilitating banking for Pakistan’s global diaspora, contributing to the country’s financial stability and economic growth.
