Karachi Metropolitan Corporation (KMC) has decided to introduce a fully digital payment system through the Raast system, making KMC the first municipal institution in Pakistan to process all payments through electronic transfers. Mayor Karachi Barrister Murtaza Wahab announced that from the new financial year starting in July, all payments to KMC vendors, contractors, and other approved beneficiaries would be transferred directly into their bank accounts, according to a statement released on Tuesday.
Promoting Transparency and Financial Discipline
Mayor Wahab stated that the digital payment system would play an important role in promoting transparency, good governance, and financial discipline. He emphasized that through Raast payments, funds would be transferred to beneficiaries and vendors in a secure, fast, and real-time manner, while eliminating paperwork, manual procedures, and delays associated with traditional payment methods.
A Revolutionary Step in Municipal Finance
The Mayor described the initiative as not merely a technological upgrade but a revolutionary step in the municipal financial system. He said it would make financial monitoring more effective, enhance transparency, and reduce expenses. He further noted that KMC had become the first municipal institution to adopt a cashless financial model in accordance with the approved payment system of the Accountant General Sindh, marking a significant milestone towards the implementation of a modern financial system.
Implementation Strategy and Timeline
During the announcement, KMC Financial Advisor Gulzar Abro provided a detailed briefing on the features of the project, implementation strategy, and timeline. The move is expected to streamline payments, reduce corruption, and improve efficiency in KMC's financial operations.
