In an effort to boost financial access for freelancers and enhance Pakistan’s potential for attracting foreign exchange, Prime Minister (PM) Shehbaz Sharif has launched the BOP Freelancer Segment and Credit Card.
The launch took place during a cheque distribution ceremony for beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) and was attended by Bank of Punjab (BOP) President and CEO, Zafar Masud, as well as other senior officials.
According to Masud, Pakistan is home to around 3 million freelancers, who contributed $400 million to the country’s total IT export remittances of $2.616 billion during the fiscal year 2022.
He believes that the freelancers’ potential is worth billions of dollars and that the new initiative will help to unlock this potential and drive economic growth.
Under the scheme, freelancers and IT professionals will be able to open Freelancer Digital Accounts in both the Pakistani Rupee (PKR) and US Dollar (USD).
These accounts will allow for the official receipt of foreign remittances and provide support for enhanced credit and debit limits of up to $5,000 per month and $30,000 per annum.
The BOP Freelancer Segment and Credit Card is a crucial step towards improving financial access for freelancers in Pakistan and boosting the country’s economic potential.
With the support of the government and the banking sector, Pakistan’s freelancers are well-positioned to make a significant contribution to the country’s economic growth in the years ahead.
