The Roshan Digital Account (RDA) received a total of $7.7 million on December 9, which is the highest calculated amount that has been raised in a single day ever since the initiative was established.
According to the news report by Dawn News, the (State Bank of Pakistan) SBP announced on Twitter on Thursday that inbound remittances received from overseas Pakistanis rose to an outstanding amount of $7.7 million, which has been the highest ever amount attained within 24 hours.
“Yesterday, inward remittances from overseas Pakistanis into Roshan Digital Account rose to $7.7 million, their highest ever daily amount,” the State Bank tweeted on Thursday. To date, total inward remittances into RDA have reached $139.4 million, with $81 million invested in Naya Pakistan Certificates (NPCs),” the SBP stated.
Inaugurated by Prime Minister Imran Khan earlier this year, the RDA works towards the idea of attracting Pakistani’s residing overseas by emboldening them to invest. Bankers were hopeful of attracting a big amount for RDA and NPC as the schemes provide much higher returns with several facilities to account holders.
However, while the Roshan account certainly provides innovative banking and investment solutions to a plethora of overseas Pakistanis, the main issue has been that quite a lot of them are still struggling to open their accounts in the first place.
As per the experts, this is not because it is inherently difficult to open a Roshan Account, but because a big chunk of workers in the Gulf states is simply not digitally literate enough to open and operate these accounts. And since a whopping 65 percent of Pakistan’s remittances come from the Gulf region, this has been viewed as a problematic aspect of the RDAs.
Effective measures are being taken to resolve this problem, though. Recently, SBP Governor Reza Baqir even visited the region to create awareness about digital accounts and their benefits. Bankers also believe that increased confidence in Pakistani banks can bring even more money into RDA and NPCs.