- Efficient banks and skilled workforce exports anchor remittance growth and Pakistan’s global economic footprint
Interview with Mr. Zia Ul Mustafa — CMA (Pak), CMA (USA), CMP (USA), President, House of Professionals; Member, Global Board of ICMP, USA
PAGE: Tell me something about yourself, please:
Zia Ul Mustafa: I am a management professional and corporate leader with over 25 years of experience across diverse industries. My expertise spans organizational development, strategy, operations, project management, financial management, risk management, and corporate governance. I hold prestigious qualifications, including Chartered Management Accountant (ICMA Pakistan), Certified Management Accountant (IMA USA), and Chartered Management Professional (ICMP USA). I have held key leadership roles in regulatory bodies and the corporate sector, including multiple terms as President of ICMA Pakistan and as President of the South Asian Federation of Accountants (SAFA). My corporate experience includes C-level roles at Rustam Group of Industries, Descon Engineering Limited, Pakistan Expo Centres, and House of Professionals Inc. I have also served as Director at prominent institutions such as the Agricultural Development Bank of Pakistan, Pakistan Institute of Corporate Governance, Ignite National Technology Fund, and Pakistan Institute of Public Finance Accountants.
Currently, in my honorary capacity, I am President of House of Professionals, Chairman of the Strategic Board of ICMA Pakistan, Director at the Pakistan Institute of Public Finance Accountants, and Chairman of the SAFA Committee on Governmental & PSEs Accounting. Additionally, I am an active member of global initiatives, including the CAPA Public Sector Advisory Group, IMA Leadership Academy USA, and the ICMP USA. My international exposure and strategic insight have established me as an influential leader in both the corporate and public sectors.
PAGE: How would you comment on remittances received by Pakistan during this fiscal year?
Zia Ul Mustafa: The remittance inflows to Pakistan during the current fiscal year have been exceptionally encouraging, reflecting the unwavering commitment of our overseas compatriots and the effectiveness of our economic policies. As of April 2025, workers’ remittances have reached a record $31.2 billion, marking a substantial 30.9% increase compared to $23.9 billion during the same period last year. This remarkable growth is a testament to the confidence our diaspora places in the country’s financial system and the initiatives undertaken to facilitate formal remittance channels. Notably, in March 2025 alone, Pakistan received an unprecedented $4.1 billion in remittances, the highest ever recorded in a single month.
The State Bank of Pakistan has revised its annual remittance forecast upward to $38 billion, highlighting the positive momentum and the pivotal role remittances play in bolstering our foreign exchange reserves and supporting economic stability. Looking ahead, it is imperative to sustain this momentum by enhancing digital platforms, offering incentives for formal remittance channels, and strengthening engagement with our global workforce. With continued efforts, remittances will not only support our external sector but also contribute significantly to national development and prosperity.
PAGE: Role of banks seems praiseworthy in terms of receiving remittances. What is your standpoint?
Zia Ul Mustafa: The role of banks in facilitating and receiving remittances has indeed been praiseworthy and deserves full recognition. Over the past year, financial institutions in Pakistan have shown remarkable progress in expanding outreach, improving service delivery, and adopting digital technologies to streamline remittance inflows. Banks have not only strengthened their correspondent banking relationships globally but have also enhanced customer experience at home by offering efficient, secure, and accessible remittance services. Initiatives such as instant credit to beneficiaries, mobile apps, branchless banking, and 24/7 helplines have significantly increased trust and convenience for both senders and receivers. Moreover, the effective implementation of the Pakistan Remittance Initiative (PRI) in collaboration with SBP and commercial banks has yielded tangible results in shifting remittances from informal to formal channels. The banking sector’s commitment to promoting transparency, financial inclusion, and regulatory compliance has reinforced the stability of our external sector. Going forward, with continued innovation and policy support, banks can further strengthen this role, ensuring that remittances not only support families but also become a key lever for national savings, investment, and inclusive growth.
PAGE: How effective are exchange companies for the promotion of official channels for remittances?
Zia Ul Mustafa: Exchange companies play a highly effective and complementary role in promoting official channels for remittances in Pakistan. Their widespread presence, particularly in areas where traditional banking services may be limited, enhances accessibility and convenience for remitters and beneficiaries alike. Over the years, exchange companies have helped formalize a significant volume of inflows by offering competitive exchange rates, prompt service, and simplified procedures. Their integration with regulated financial institutions and adoption of digital platforms have further strengthened their contribution to the economy. With enhanced oversight by the State Bank of Pakistan, including licensing reforms and compliance measures, exchange companies are becoming more transparent, secure, and aligned with international best practices. This has not only improved public trust but also contributed to curbing the use of informal channels like hawala/hundi. Looking ahead, empowering exchange companies through continued digitization, customer education, and capacity building will further enhance their effectiveness. With a collaborative approach between banks, exchange companies, and regulators, Pakistan can sustain and grow its remittance inflows through secure and formal means, supporting economic resilience and financial inclusion.
PAGE: What further must be done to export more and more skilled workforce abroad?
Zia Ul Mustafa: Exporting a skilled workforce is a strategic imperative for Pakistan not only to increase remittances but also to establish a competitive global presence across diverse professions. While progress has been made, a more focused and structured approach is needed to unlock the full potential of our human capital. Whether we are preparing accountants, engineers, architects, lawyers, bankers, marketers, supply chain professionals, IT specialists, doctors, or experts from any other discipline, each professional must be equipped with:
(i) Relevant expert certifications that meet global standards. (ii) Familiarity with industry-specific IT tools and platforms. (iii) Training on how to enter and thrive in international organizations, including recruitment processes, onboarding expectations, and compliance with professional codes of conduct. (iv) Awareness of the core values and operational cultures of international institutions, such as punctuality, performance ethics, accountability, and teamwork. (v) Strong communication skills, both verbal and written, to interact confidently and clearly across diverse cultural settings. (vi) Basic business acumen, financial literacy, and the ability to understand and contribute to organizational objectives. (vii) Personal effectiveness training, including emotional intelligence, adaptability, and leadership potential. (viii) Understanding of civil society norms, such as respect for diversity, workplace etiquette, and gender inclusion. To support this, our vocational and professional training institutions must be reoriented to deliver market-relevant skills and certifications. Public-private partnerships should be promoted to build training academies aligned with global job market trends. In this regard, House of Professionals is actively working on people development, enhancing skill sets, and providing career growth opportunities through targeted trainings and international certifications. This initiative reinforces our commitment to ensuring that our professionals are fully prepared to navigate and excel in the international arena.
Through a comprehensive investment in certifications, soft skills, international orientation, and personal development, we can prepare our professionals not just to work abroad but to excel, lead, and become ambassadors of Pakistan’s talent and values on the world stage.