Islamabad – Pakistan has taken a significant step to improve its remittance and digital payment ecosystem. The government has announced that Pakistan to Link Digital Payment System with Arab Monetary Fund’s Buna Platform in order to make cross-border transactions faster, cheaper, and more reliable.
The decision was shared during a meeting of the National Assembly Standing Committee on Finance. Governor of the State Bank of Pakistan, Jameel Ahmed, explained that this move will mainly allow inflows from abroad into Pakistan. However, outflows through this platform will not be permitted at this stage. The central bank believes that this approach will help strengthen remittances, which are an essential source of foreign exchange for the country.
The Buna platform is a regional payment system owned by the Arab Monetary Fund. It supports multiple currencies and allows banks and financial institutions to transfer money securely across Arab and international markets. Initially, currencies such as the Saudi Riyal and UAE Dirham will be part of the system, with plans to include more currencies in the future.
Pakistan has already introduced Raast, its own instant payment system. By connecting Raast with Buna, overseas Pakistanis working in Arab countries will be able to send money home instantly. This project is also expected to add the Pakistani Rupee as a settlement currency within the Buna system, further enhancing its usefulness.
Officials have highlighted that this integration will help boost financial inclusion across Pakistan. According to official estimates, nearly 75 percent of the youth population is expected to have access to digital financial services by 2028. The government also aims to shift toward a cashless economy by mid-2026, with both federal and provincial departments adopting digital payments.
Pakistan already has a strong base of mobile banking users, millions of bank accounts, and merchants who use QR-based payments. These existing systems will support the link between Raast and Buna, creating a more efficient and secure financial network for both local users and overseas Pakistanis.
In short, Pakistan to Link Digital Payment System with Arab Monetary Fund’s Buna Platform marks a major step in modernizing the country’s financial system and promoting digital transactions.
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