- Keep innovating, expand fintech collaborations; align skills with global demand to empower overseas workforce
Interview with Syed Kashif Rafi — Registrar & Director of Sustainability, International Linkages & Opportunities, ILMA University
PAGE: Tell me something about yourself, please:
Syed Kashif Rafi: For the past more than two decades, I’ve built a diverse career, holding various leadership positions, including Registrar and Director, Sustainability, International Linkages & Opportunities at ILMA University, Chief of Strategy & Marketing, Rapido, and Chief Strategy Officer & Managing Partner at Tarbiyat. This versatility has allowed me to contribute across academia, marketing, personal branding, entrepreneurship, and business strategy.
I joined as Advisor, Harvard Business Review Advisory Council. Moreover, was selected as Judge for the prestigious International Business Awards hosted by The Stevie Awards.
I have been invited to participate in prestigious events such as Vizathon2021, Education Policython, Policy for People & Harvard University, Hack+Policy, Make School, and Grammarly, further cementing his status as a thought leader and industry expert.
My professional memberships reflect my commitment to aligning with industry standards, staying updated on global trends, and networking with influential peers. Through these associations, I engage with contemporary research, marketing trends, and economic developments, enhancing my ability to add value to my projects.
My affiliations reinforce my dedication to fostering a culture of knowledge exchange and professional growth. By participating in groups like the FPCCI Pakistan Finland Business Council and the American Marketing Association, I actively contribute to meaningful discussions that shape our field. Additionally, my involvement with the FPCCI Standing Committee on Public Relations, the American Economic Association, and Taylor & Francis allows me to stay at the forefront of emerging trends. Ultimately, these connections support my ongoing development and drive my contributions to the industry.
My commitment to sharing knowledge extends beyond the classroom. I’ve spoken at over 200 conferences and events, captivating audiences with my expertise. This dedication to continuous learning and development is further reflected in my memberships in renowned organizations and ongoing pursuit of certifications.
As a Member of the AI Committee at PASHA, I bring an interdisciplinary perspective grounded in my background in education management and sustainability. This positions me to advocate effectively for ethical and inclusive AI frameworks. I am committed to guiding the responsible integration of AI into higher education and institutional planning.
Beyond professional pursuits, I’m deeply passionate about social impact. For over 17 years, I’ve actively contributed to various initiatives with Rotary International, applying my diverse skillset to make a positive difference in the lives of others. Currently serving as Assistant Rotary Public Image Coordinator Zone 1B (Pakistan-Indonesia-Bangladesh). It’s this dedication to continuous learning, professional excellence, and social responsibility that drives me to make a lasting impact on the world.
PAGE: How would you comment on remittances received by Pakistan during this fiscal year?
Syed Kashif Rafi: Remittances remain a vital lifeline for Pakistan’s economy, serving as one of the most significant sources of foreign exchange inflows. These transfers from overseas Pakistanis play a crucial role in bridging the current account deficit, supporting foreign exchange reserves, and providing liquidity for essential imports. Their importance has only grown in recent years, as Pakistan faces mounting economic challenges amid global uncertainties. The contribution of the diaspora is more than financial—it is also a testament to their unwavering support for their homeland.
According to the State Bank of Pakistan (SBP), the country received $23.8 billion in remittances during the first ten months of the fiscal year 2024–25 (July to April), representing a notable 7.7% year-on-year increase compared to the same period in FY2023–24. This upward trend is not only encouraging in terms of volume but also highlights the success of formal banking channels and official initiatives aimed at facilitating easier and more secure transfers. Such growth is particularly significant given the ongoing efforts to shift remittances away from informal mechanisms. These consistent inflows have played a pivotal role in stabilizing the national economy. They have helped narrow the current account deficit, supported the value of the Pakistani rupee, and financed necessary imports, particularly of energy and food items.
The major contributors to this remittance growth include Saudi Arabia ($5.8 billion), the United Arab Emirates ($4.5 billion), the United Kingdom ($3.3 billion), and the United States ($2.9 billion). The geographical diversity of these sources reflects the global footprint of Pakistan’s labour force and their wide-ranging economic engagement. The recent growth in remittance figures can also be attributed to structural and technological improvements.
The government, in collaboration with banks and exchange companies, has introduced attractive incentive schemes, streamlined remittance procedures, and promoted the use of digital platforms. The proliferation of mobile banking, app-based transfers, and reduced transaction costs has further encouraged the use of legal channels. This digital transformation is gradually shifting public behavior, reducing reliance on traditional and often illegal systems such as hundi and hawala. Remarkably, these gains have been made despite a challenging global environment. Many host countries, particularly in the Gulf, have experienced inflationary pressures, economic slowdowns, and tightening labor markets. In this context, the resilience of Pakistan’s overseas workforce is commendable. Their continued ability to send money home underlines their strong sense of duty, family ties, and trust in the country’s remittance infrastructure. Their role in safeguarding macroeconomic stability cannot be overstated.
Looking ahead, sustained growth in remittance inflows will require ongoing policy support and innovation. It is imperative for policymakers to strengthen formal remittance systems further, crack down on illegal transfer networks, and embrace new financial technologies. Additionally, enhancing bilateral labor agreements and diplomatic engagement with host countries can secure better working conditions and long-term job opportunities for Pakistani workers abroad. A coordinated approach will ensure that remittances continue to serve as a stable and expanding pillar of Pakistan’s economic resilience.
PAGE: Role of banks seems praiseworthy in terms of receiving remittances. What is your standpoint?
Syed Kashif Rafi: The banking sector in Pakistan continues to play a pivotal role in strengthening the remittance ecosystem by channeling funds through formal and transparent avenues. This contribution has been essential not only in enhancing financial inclusion but also in promoting macroeconomic stability. Among the most impactful developments has been the Roshan Digital Account (RDA), a flagship initiative launched by the State Bank of Pakistan (SBP) to facilitate overseas Pakistanis. The success of this initiative underscores the growing trust in the country’s formal financial infrastructure.
As of May 2025, more than 700,000 RDAs have been opened, with cumulative inflows crossing $7.8 billion. This milestone reflects the confidence that non-resident Pakistanis have placed in the domestic banking system. RDA has not only enabled account holders to send remittances but has also offered investment opportunities in government securities, real estate, and the stock market. The comprehensive nature of these accounts has made them a transformative tool in connecting overseas Pakistanis with the national economy in meaningful and multifaceted ways.
In the broader remittance landscape, the dominance of formal banking channels is evident. Banks have facilitated over 90% of total remittance inflows, according to the State Bank. In April 2025 alone, Pakistan received $2.8 billion in remittances, marking a substantial year-on-year growth of 27% compared to $2.2 billion in April 2024. This sharp increase is a clear indicator of the improved outreach, efficiency, and customer trust in the formal financial sector, which continues to expand its footprint both locally and internationally.
Technological advancements have further fueled the success of the banking sector in this domain. Commercial banks have invested heavily in digital infrastructure, launching robust mobile applications, enhancing online banking interfaces, and ensuring 24/7 availability of services. Incentives such as zero transfer fees, instant crediting of funds, and dedicated customer support have made the remittance process faster, safer, and more convenient for both senders and recipients. These innovations have substantially reduced transaction times and costs.
Additionally, partnerships between commercial banks and fintech companies are proving to be game-changers. By collaborating with global money transfer operators and emerging digital platforms, banks are extending their reach into previously underserved areas, including rural and remote communities. These collaborations have made remittance services more inclusive, ensuring that even the most marginalized families can access funds quickly and efficiently. The expansion of agent networks and mobile-based solutions has significantly helped in reducing reliance on informal channels like hundi and hawala.
Looking ahead, continued innovation and strategic collaboration will be essential for maintaining and building on these gains. Policymakers and financial institutions must remain proactive in adapting to the evolving needs of overseas Pakistan
PAGE: How effective are exchange companies for the promotion of official channels for remittances?
Syed Kashif Rafi: Exchange companies in Pakistan have emerged as a crucial pillar in the formal remittance ecosystem, offering a reliable alternative to traditional banking channels. Regulated by the State Bank of Pakistan (SBP), these companies play a vital role in extending financial services to segments of the population that may not have easy access to bank branches. In both urban and rural areas where banking infrastructure is limited, exchange companies provide much-needed accessibility and convenience for both remittance senders abroad and recipients at home.
In the past year, exchange companies facilitated nearly 18% of the total remittance inflows, underscoring their expanding contribution to the country’s foreign exchange reserves. Global operators such as Western Union and MoneyGram, alongside local service providers, have modernized their operations by adopting digital tools.
These include app-based interfaces, online registration processes, and mobile wallet integrations—all of which have significantly improved the speed and efficiency of money transfers. A key advantage offered by exchange companies is their customer-centric pricing structure.
Under the SBP’s home remittance schemes, these entities provide zero-fee transfers and offer competitive exchange rates, making them an attractive option for overseas Pakistanis. This model not only encourages legal and traceable remittance flows but also reduces the attractiveness of informal channels such as hawala and hundi. The financial incentives, combined with convenience and rapid service, are helping shift user behaviour toward official remittance systems.
In addition to enhancing remittance volumes, exchange companies are playing a role in promoting financial inclusion. By allowing recipients to collect funds in cash or receive them directly in mobile wallets, these companies are catering to individuals who do not hold bank accounts. This approach brings previously unbanked populations into the financial mainstream, empowering them to access digital payments, savings tools, and other financial services. The simplicity and accessibility of these systems are particularly valuable for women, the elderly, and rural populations.
Technological investment remains at the heart of this transformation. Many exchange companies have embraced automation and real-time transaction tracking, allowing for seamless and transparent operations. Integration with national payment systems and real-time reporting to regulatory authorities ensures compliance and builds trust among users. These tech-driven innovations are also critical in reducing fraud, monitoring fund flows, and contributing to the country’s broader financial integrity framework.
Going forward, the role of exchange companies is poised to grow further, provided there is sustained regulatory oversight and support for innovation. The SBP must continue to set high standards for compliance, cybersecurity, and customer service to ensure confidence in these platforms. At the same time, exchange companies should prioritize expanding their physical and digital presence, particularly in underserved regions. With the right policy mix and ongoing investment in technology, these companies will remain key enablers of safe, swift, and inclusive remittance flows into Pakistan.
PAGE: What further must be done to export more and more skilled workforce abroad?
Syed Kashif Rafi: Pakistan’s vast youth population presents a significant opportunity for human resource development and global labour market participation, yet this potential remains largely untapped. The country continues to face challenges in aligning its workforce with international standards and emerging global demands. To bridge this gap, the government must invest in expanding and modernizing vocational and technical training programmes. Institutions such as the National Vocational and Technical Training Commission (NAVTTC) should collaborate closely with the private sector to ensure that training is both industry-relevant and internationally competitive. Priority sectors should include healthcare, construction, information technology, and logistics—fields where global demand is consistently high. Beyond training, proactive engagement through bilateral labor agreements is essential to securing overseas employment for Pakistani workers. Countries in Europe, the Middle East, and Asia-Pacific are grappling with labor shortages in skilled and semi-skilled categories. Pakistan must negotiate comprehensive labor mobility agreements with these nations to enable structured labour exports. Streamlining visa procedures, establishing overseas employment facilitation centers, and instituting worker protection frameworks would significantly enhance both the volume and value of labor exports. Such agreements also ensure that Pakistani workers benefit from fair wages, legal protections, and long-term employment pathways. Equally important is the institutionalization of pre-departure services aimed at equipping workers for success abroad. These services should include mandatory orientation programs, language training, financial literacy, and legal awareness sessions. In parallel, Pakistan’s embassies and consulates must be empowered to provide robust welfare services, legal aid, and dispute resolution mechanisms for overseas workers.
Insurance policies tailored to the needs of migrant workers would further reinforce their security and wellbeing. These steps are critical not only to protect rights but also to enhance productivity and long-term remittance potential. While exporting human capital is crucial, Pakistan must also focus on strengthening its key export-oriented industries to create both domestic jobs and global value chains.
In FY2024–25 (up to April), Pakistan’s textile exports remained a cornerstone of trade at $13.1 billion. The software and IT services sector showed strong performance, contributing $3.4 billion in exports, while mobile phone exports reached $250 million. Cement exports stood at $1.1 billion, pharmaceutical exports at $300 million, and FMCG and packaged food exports crossed $1.5 billion. These figures reflect the growing capacity of local industries to compete internationally, though much potential remains untapped.
Emerging sectors like gaming and digital services offer fresh avenues for skilled employment and foreign exchange earnings. The gaming industry, driven by freelance developers and small creative studios, contributed over $70 million in exports during the same fiscal period. These trends suggest that Pakistan’s youth, particularly those with digital skills, can play a pivotal role in shaping a new economic narrative.
Targeted support for these industries—including training, export facilitation, and international partnerships—can help diversify Pakistan’s export portfolio while also opening up new opportunities for skilled migration.
To realise the full potential of its human capital, Pakistan needs a coordinated national strategy that links education, training, labor mobility, and industrial development. By aligning domestic skill development with global demand, investing in high-potential industries, and building strong international labor partnerships, the country can turn its demographic advantage into a powerful engine of economic growth. If pursued effectively, such a strategy will not only boost remittances and exports but also elevate Pakistan’s standing in the global workforce ecosystem.