By Staff Reporter
KARACHI: Pakistanis spent Rs4.7 billion on sacrificial animals through digital transactions during this year’s Eid-ul-Azha, the State Bank of Pakistan said, signaling a shift toward cashless commerce in a traditionally cash-heavy market.
The digital sales stemmed from the central bank’s “Go Cashless in Cattle Markets Campaign 2025,” an initiative launched to promote financial inclusion and curb cash handling during the three-day religious festival that began on June 7.
Known as Eid Al-Adha, the annual holiday commemorates the Islamic ritual of animal sacrifice, drawing millions of Pakistanis to purchase goats, cows, and camels, typically in sprawling, informal marketplaces.
The SBP rolled out the campaign in partnership with 24 commercial banks, targeting 54 major cattle markets nationwide. “The campaign was successfully implemented in 54 major cattle markets across Pakistan, resulting in 64,553 transactions valued at Rs 4.656 billion,” the central bank said in a statement.
Eid-related livestock trading is a cornerstone of Pakistan’s informal economy, where cash has long reigned supreme. By introducing digital payment options, the SBP aims to enhance financial transparency and align with the government’s push to formalize the cash-heavy economy.
Pakistan, currently navigating a $7 billion loan program with the International Monetary Fund (IMF), faces pressure to implement reforms like digitizing financial services to improve tax collection and bolster economic stability.
“Digital payment systems play a vital role in modern economies by offering transparency, reducing fraud risks, and providing secure, convenient, and inclusive access to financial services,” the SBP said.
The bank emphasized that such efforts are key to building trust and encouraging adoption of digital platforms, particularly among underserved groups like livestock traders.
Feedback from the cattle markets was overwhelmingly positive. “This campaign was highly appreciated by the buyers and sellers in the cattle markets, as it reduced their reliance on cash,” the SBP noted, highlighting the practical appeal of going cashless during one of the busiest trading seasons.
Najeeb Ahmed Warsi, head of online trading at Foundation Securities Ltd., praised the initiative as a milestone in Pakistan’s financial evolution. “This campaign is more than just numbers, it’s a clear step forward in Pakistan’s journey toward a digitally-driven, cashless economy,” he said. “By digitizing traditional markets, we’re building trust, increasing financial inclusion, and setting the stage for a safer, smarter financial ecosystem.”
Warsi credited the collaboration between the central bank and 24 commercial banks for the campaign’s broad reach. “This groundbreaking initiative earned widespread praise from both buyers and sellers, who welcomed the shift from cash to digital payments, and transparency during one of the busiest market seasons,” he added.
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