Every year June 16 is observed as the International Day of Family Remittances (IDFR) after the UNGA, in 2015, adopted this day. This day recognizes and raises global awareness of the critical contributions that migrants around the world make for the wellbeing of their families.
Remittance flow into Pakistan increased by about 17 per cent in 2020, proving all the gloomy forecasts and in spite of the global Covid-19 pandemic. A survey ‘Financial Inclusion Insights’ by Karandaaz Pakistan which was carried during Oct to Dec, 2020 showed that the pandemic, besides bringing more users towards online transactions and away from cash, also drove an increase in remittances and the use of bank and mobile money accounts.
There can be multiple reasons for this inflow of remittances by the Pakistanis working abroad, especially in KSA, EU countries and UAE, but the end result remains that the country has benefitted in the shape of a V shaped economic recovery. Add to that the improved quality of life of the families for these expatriate Pakistanis and we have a winning formula.
It is absolutely overwhelming to learn that Pakistanis are finding the benefits of the formal banking channels, cashless banking and fintech. It can be forecasted that Pakistan can now look forward to a future of prosperity for all if we continue to adopt modern technology in the space of banking and remittances.
Faryal Rehman
Islamabad
