Why M-Wallet? Remittances increased from US$6.5 billion in FY08 to US$19.9 billion in FY16; However, growth in remittances has stagnated in the last three.

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Presentation transcript:

Why M-Wallet? Remittances increased from US$6.5 billion in FY08 to US$19.9 billion in FY16; However, growth in remittances has stagnated in the last three years: -3.1% in FY17, 6.4% in FY16 compared to18.2% in FY15; Remittances play an important role in financing the trade gap (Figures 1 &2); Formal sector is competing with the informal sector on efficiency and cost of sending remittances; Taking advantage of growth in digital banking the M-wallet initiative is being launched to meet this challenge.

Scheme for Home Remittances through M- Wallet Accounts Objectives Eligibility To facilitate swift and cost effective Home Remittances ; To enhance financial inclusion through increase usage of BB accounts. All Branchless Banking (BB) providers; All individuals receiving Home Remittances.

Scheme for Home Remittances through M- Wallet Accounts Nature of Accounts New category Home Remittances Account (L1-HRA); HRA could be a new L1 account or an existing L1 account; One time registration (in case of existing L1 account) ; Saving account or any other remunerative category; No initial deposit and minimum balance requirement; Simplified account opening.

Scheme for Home Remittances through M- Wallet Accounts Limits on L1-HRA Inward per day limit  No limit* Maximum balance limit  Rs. 1,500,000 Debit limit per day  Rs. 100,000 Total Cash withdrawal per Day  Rs. 50,000 Total Cash withdrawal per Month  Rs. 500,000 * Subject to Maximum Balance Limit

Scheme for Home Remittances through M- Wallet Accounts Incentive Airtime of Rupee 1 against each 1 USD received in HRA account; Rupee 1 airtime to be provided through Public–Private partnership ; 50 paisa to be contributed by Government of Pakistan while 50 paisa by banks/telecommunication companies.

Scheme for Home Remittances through M- Wallet Accounts Cash withdrawal mechanism At bank branches and ATMs; At Branchless Banking agent location; Home delivery after biometric verification.