SBP launches M-Wallet scheme to promote home remittances

ISLAMABAD: The State Bank of Pakistan (SBP) has launched Mobile Wallet scheme with more easy registration process to accelerate the flow of home remittances through banking channels and facilitate expatriates with a reliable, swift and cost effective conduit to transfer money to Pakistan.

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Home remittance can now be received directly in M-wallets and there is no requirement to visit a bank branch, fill forms or stand in a queue to receive the remittances, official sources in SBP said.

Under the scheme, banks in partnership with telcos have introduced new, or tag the existing, M-wallets for home remittances.

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