In 2021, the Roshan Digital Account (RDA) initiative emerged as one of Pakistan’s most impactful financial reforms aimed at connecting overseas Pakistanis with the country’s formal banking system. Introduced in late 2020 by the State Bank of Pakistan (SBP), this digital banking platform gained serious traction through 2021, playing a vital role in driving remittances and foreign investment.

A Vision for Financial Inclusion

With more than 9 million Pakistanis living abroad and remittances accounting for over 8% of Pakistan’s GDP, the government had long sought to streamline financial engagement with the diaspora. The Roshan Digital Account was designed to provide a simplified, secure, and fully online mechanism for non-resident Pakistanis (NRPs) to open and operate bank accounts in Pakistan without visiting a branch.

By mid-2021, the initiative had achieved remarkable milestones:

Over $1.5 billion in inflows

180,000+ accounts opened from 170 countries

Partnerships with 12 commercial banks

(Source: State Bank of Pakistan, July 2021)

Features Driving Adoption

What set RDA apart was its suite of integrated services:

Remote Account Opening: NRPs could open an account in under 48 hours using online verification.

Multiple Currency Support: Users could maintain accounts in USD, GBP, EUR, or PKR.

Investment Channels: RDA enabled digital investments in Pakistan’s stock exchange, mutual funds, and most notably, Naya Pakistan Certificates—government-issued bonds offering high returns.

Bill Payments and Donations: Users could pay utility bills, school fees, or donate to charities from abroad.

For the first time, NRPs had frictionless access to Pakistan’s financial ecosystem, encouraging both remittances and capital investment.

The Naya Pakistan Certificates Boom

One of RDA’s standout offerings was the Naya Pakistan Certificate (NPC) program. These were sovereign instruments offering returns as high as 7% on USD investments, far outpacing interest rates in the West. The certificates were available in both conventional and Islamic formats, making them attractive across diverse investor profiles.

By October 2021, investments in NPCs crossed $2 billion, signifying trust in the state’s efforts to attract long-term diaspora capital.

Macro-Economic Impact

The RDA initiative arrived at a critical time. As Pakistan grappled with a widening current account deficit and dwindling foreign reserves, RDAs offered a cushion of consistent dollar inflows. According to the SBP’s 2021 Annual Report, the RDA scheme helped stabilize the rupee, improve the remittance-to-GDP ratio, and deepen financial inclusion.

The World Bank and IMF also noted Pakistan’s progress in digital banking reforms in their respective economic reviews, citing RDA as a best practice in diaspora engagement.

Areas for Further Improvement

Despite the early success, some challenges remained:

Customer Experience: Some users reported delays in verification and fund transfers, especially during peak demand.

Limited Awareness: Many overseas Pakistanis remained unaware of the platform or its benefits.

Taxation Clarity: Some ambiguity around tax treatment of income earned through RDAs raised concerns among NRPs.

A Model for the Future

The Roshan Digital Account was more than a financial product; it was a diplomatic and economic bridge. In 2021, it became a case study for how emerging markets can leverage digital finance to connect with their global diaspora. With continuous policy support and better outreach, RDA held the potential to anchor a broader fintech revolution in Pakistan.

References:

State Bank of Pakistan – RDA Dashboard and Updates

https://www.sbp.org.pk

Dawn News – Roshan Digital Account inflows cross $1.5bn

https://www.dawn.com/news/1636976

World Bank – Pakistan Development Update 2021

https://www.worldbank.org/en/country/pakistan

IMF Country Report – Pakistan: 2021 Article IV Consultation

https://www.imf.org