The federal government will bear 50 percent cost of airtime incentive announced on m-wallet home remittance scheme. For the first time, the State Bank of Pakistan (SBP) in collaboration with the federal government and financial industry has launched an m-wallet home remittance scheme to channelize remittances through branchless banking channels.
With this scheme not only one can send home remittances inflows in swift, convenient and cost-effective manner by utilizing the network of BB agents across Pakistan, the home remittance accountholder will get incentive of Re 1 on per dollar remittance in the shape of airtime.
According to m-wallet home remittance scheme, against each 100 USD being received as home remittances, Branchless Banking (BB) providers will arrange to extend airtime of the amount equal to Rs 100 in home reholder's registered SIM. For providing the airtime of each Rs 100, the government of Pakistan will provide a smart grant of Rs 50 to concerned BB provider on account of technical upgradation of their systems & operations for financial inclusion, it added.
No transaction limit has been fixed for inflow of home remittances; however maximum balance limit will be Rs 1.5 million for per account. Credit in Home Remittance Account (HRA) can only be made through home remittances. However, debit from an HRA to any other account may be made up to Rs 100,000 per day.
There will be no initial deposit and minimum balance requirement on these accounts and the accountholder can withdraw cash Rs 50,000 per day and total Rs 500,000 cash withdrawal per month from BB agent location/home delivery after biometric verification at the bank branch. For home delivery of remittances, FIs will ensure additional controls and monitoring since it carries a risk of misappropriations.
All BB provider banks including commercial banks, Islamic banks and Microfinance Banks (MFBs) termed as Financial Institutions (FIs) or banks and all individuals receiving home remittances through m-wallet accounts can avail this scheme. FIs will offer these accounts as saving or any other remunerative category and HRA accounts will be mobile accounts to be served through BB agents.
Under the customers due diligence requirement, FIs have been directed that NADRA's biometric verification will be conducted at the time of opening of account to activate the HRA instantly. However, cost of such verification should not be passed on to the customer to encourage inflow of remittances.
As per the scheme, the FI will ensure compliance of requirements for inward and outward wire/fund transfers outlined under AML/CFT Regulations and other laws as amended from time to time. In addition, the FI will take necessary action(s) in accordance with law including filing Suspicious Transaction Reports (STRs) with FMU in case any unusual transaction/activity or high risk factor is observed.
Existing m-wallet holders intending to open HRA will be required to undergo the one-time registration process (to be designed by FIs), including information on intended senders and relationship with beneficiaries and expected originating remittances countries.
The SBP has asked FIs to provide a dedicated line for HRA holders to contact call center representatives directly to get HRA-related information. This line must have a facility to receive a direct call by call-representative upon identification of HRA customers thus to avoid call center hassles or customer waiting time while they being on calls.
In addition, PRI's customer facilitation and complaint management system would be available 24/7. FIs will launch a mass media campaign to create awareness among the masses regarding the benefits of the scheme. The matters such as dormancy and activation of accounts, treatment regarding unclaimed deposits, prohibition of personal accounts for business purposes, updating of customers profiles, record keeping and reporting of suspicious transactions under the relevant law will be governed under applicable rules/regulations.
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