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Revolutionising digital banking space

Filed on March 23, 2021

Bank Alfalah has observed tremendous growth and success since the introduction of the Roshan Digital Account

The Roshan Digital Account has been gaining significant traction since its launch and has proven to be a game-changer in the banking space. In just six months, the Bank Alfalah has seen the opening of around 100,000 Roshan Digital Accounts, which have contributed to inflows of over half a billion US dollars to Pakistan's economy.

This is the first time in the history of Pakistan's banking industry that a fully digitised process has been developed to specifically facilitate Non-Resident Pakistanis across the world. The Roshan Digital Account is extending the net of financial inclusion to the Pakistani diaspora, and the technology underpinning this process has great value for the domestic banking space as well.

In the past year, we have seen a steady increase in the remittances being sent to Pakistan; in 2020 alone, this number peaked at $25.9 billion. The Roshan Digital Account has been launched at an opportune moment, allowing millions of overseas Pakistanis the chance to convert these remittances into secure investments. This includes options to invest in the Naya Pakistan Certificates - financial instruments launched by the State Bank Government of Pakistan, which also come with a sovereign guarantee - the real estate sector, and the Pakistan Stock Exchange.

Bank Alfalah has been closely associated with the Roshan Digital Account since its inception by the Federal Government. It believes this is an endorsement of the robust digital banking infrastructure, enabling the creation of a seamless banking experience for customers. Today, users can easily open a Roshan Digital Account through Bank Alfalah's website and the Alfa app as well. Its superior digital capabilities allow the driving of this novel product to the global market.

The Roshan Digital Account has been the result of collective and meticulous labour involving multiple stakeholders. The State Bank of Pakistan is also actively facilitating the process, reducing tax regimes for investments in the Naya Pakistan Certificate and slashing the transaction costs of sending funds through the RDA as well. Being a part of this pioneering initiative is a milestone for Bank Alfalah, and it fully believes that this proposition has room to grow even further. Bank Alfalah looks forward to leading the Roshan Digital Account to new frontiers and driving its success onward.

 





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