2. 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.

3. 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.

4. 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.

5. 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

6. 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.

7. 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.