Pakistanis in UAE largest senders of remittances through RDAs
House finance and insurance products may soon be added in RDAs, a senior official said.
Pakistanis in the UAE are the largest remitters through RDAs, making up around one-third — $433 million — of $1.3 billion remittances.
The UAE also ranks second in terms of account openings, as 20 per cent of Roshan Digital Accounts have been opened by those Pakistanis who’re living and working in the UAE.
RDAs were initially launched in cooperation with eight banks which have now increased to 12.
Dr Murtaza Syed, Deputy Governor of Sate Bank of Pakistan, said Pakistanis in the UAE have embraced them really well.
“We have got a good response but we are still scratching the surface. My request to Pakistanis in the UAE is to please try Roshan Digital Account and tell friends about it so this word can be spread,” he said.
Syed said Naya Pakistan Saving Certificate has attracted in excess of $800 million.
More products being added
Pakistan is also considering adding new products, including house finance in Roshan Digital Accounts (RDAs) for overseas citizens, he added.
“We are looking to broaden the range of products that are available through RDAs. For example, we are thinking about adding house finance, insurance and annuity products that meet the needs of overseas Pakistanis,” said Syed.
So far, around 160,000 Roshan Digital Accounts have been opened with remittances from more than 170 countries around the world since its launch in September 2020.
Syed said about 1,500 accounts are being opened every day.
“There are about $8 million to $10 million coming in a day and the pace of flows have picked up in the last 3-4 months. Pakistan receives about $250 million a month and this is very encouraging... This is just the tip of the iceberg as there are around 8-9 million overseas Pakistani that still can be tapped,” said Syed.
Syed was speaking during a webinar hosted by Dubai Islamic Bank (DIB) Pakistan. Junaid Ahmed, president and CEO of DIB Pakistan; Afzaal Mahmood, ambassador of Pakistan to UAE; Syed Irfan Ali, managing director for Deposit Protection Corp. at State Bank of Pakistan; Sohail Baig, CEO of Emaar Pakistan also took part in the webinar.
Afzaal Mahmood, Ambassador of Pakistan to UAE, said there are about 1.6 million Pakistanis in the UAE and majority of them find it more convenient to make use of RDAs.
Highlighting the issues faced by Pakistanis in the UAE while remitting funds through RDAs, he said there are no challenges when remitting funds in local currency, but remitting money in US dollar becomes challenging, because it takes longer time to reach recipient.
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