Pakistan Just Flipped a Switch on a Rs. 1,043 Trillion System. Here’s Why It Matters.
Pakistan’s banking system just got a serious power-up. The State Bank of Pakistan (SBP) has officially launched PRISM+, a massive overhaul of the country’s core payment and settlement network, pushing Pakistan into the future of digital finance.
SBP Governor Jameel Ahmad pointed out that this move places Pakistan in a very exclusive group of countries. Our retail and high-value payment systems now run on the latest global gold standard, known as ISO 20022. He also gave a nod to the World Bank for their crucial support in making this project happen.
If you’ve been paying attention, you know that Pakistan is going digital, fast. This new system is the latest piece of a much bigger puzzle. We’re seeing huge growth in everything from fintech startups and online shopping to digital banking. This change is driven by what people want: faster, easier, and more convenient ways to manage their money.
Just look at the numbers. We already have RAAST, the instant payment system that lets you send money to anyone in seconds. Across the country, there are over 225 million bank and digital wallet accounts held by about 96 million people. Millions are using banking apps on their phones, with 28 million on commercial bank apps and another 71 million using branchless banking services.
This new system, PRISM+, is an upgrade to the old one that handled the really big money transfers between banks. Think of it as the super-highway for the financial system, ensuring money flows smoothly and keeping the economy stable. To give you an idea of its scale, the old system processed transactions worth an incredible Rs. 1,043 trillion in 2024 alone—that’s ten times the size of Pakistan’s entire GDP.
So, what makes PRISM+ so special? It’s built on a new messaging standard that allows it to “talk” to other financial systems around the world seamlessly. This means more transparency, better automation, and smarter tools for banks to manage their money. It aligns our entire banking infrastructure with the best in the world.
Amazingly, this complex project was completed and running in just 14 months, with security as the top priority. Governor Ahmad described PRISM+ as more than just a new technology; it’s a strategic move to protect our financial stability and pave the way for even more innovation.
