Pakistan launches Dh211m remittance prize scheme targeting UAE expats

The State Bank of Pakistan (SBP) has launched the Pasban Remittance Reward Scheme, a Dh211 million (Rs16 billion) annual prize initiative designed to incentivize overseas citizens to use formal banking channels. The scheme, announced on Sunday, 27 September, allocates 50 per cent of its regional prize pool specifically to remittances originating from GCC countries, including the UAE. Quarterly Draws and Prize Structure The program offers 2,521 cash prizes every quarter, totaling Dh52.6 million (Rs4 billion) per draw. The top prize is set at Dh1.32 million (Rs100 million). Other rewards include 20 second-tier prizes of Dh329,000 each and 100 third-tier prizes of Dh132,000 each. A further 2,400 winners will receive Dh13,200 each per quarter. SBP Governor Jameel Ahmad confirmed the scheme is funded entirely by the Pakistani banking industry rather than the national exchequer. Eligibility and UAE Participation To qualify for the first quarterly draw on 15 January 2027, beneficiaries in Pakistan must receive at least $100 (approximately Dh367) in home remittances for three consecutive months during the qualifying period, which runs from 1 October to 31 December 2026. Each $100 increment generates one digital entry. For instance, a UAE resident sending $300 in a single month during the qualifying quarter would generate three entries for their beneficiary. Economic Context and Remittance Growth The initiative follows a record-breaking fiscal year where Pakistan received $41.6…