Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, has partnered with Meezan Bank, Pakistan’s leading Islamic bank, to enhance cross-border payments for Pakistani SMBs, entrepreneurs, and freelancers.
The signing ceremony took place at Meezan Bank’s Head Office, attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer.
This strategic collaboration aims to simplify international transactions and improve cash flow management. Meezan Bank customers can now link their Payoneer accounts to the bank’s mobile banking app to make real-time withdrawals in multiple global currencies directly into their Meezan Bank’s local receiving accounts. The seamless mobile app integration allows businesses in Pakistan to effortlessly receive funds from clients, vendors, and marketplaces worldwide, enabling them to be “local” to their customers, regardless of where they are.
Meezan Bank customers will also access benefits, including multi-currency balance monitoring, transparent FX rates, no hidden costs, prepopulated personal details, quick authentication via SMS, and a straightforward account-linking process.
This integration ensures a Proceeds Realization Certificate (ePRC), an essential document provided by Meezan Bank for regulatory adherence, tax filing, and securing export rebates, which will be issued with every transaction, addressing a critical legal requirement for Pakistan’s SMBs engaged in cross-border trade.
The collaboration comes at a pivotal time for Pakistan’s digital economy, which continues to demonstrate robust growth. The nation’s IT exports reached $3.2 billion in FY24, a 24 percent year-on-year increase. Pakistan’s vibrant freelance worker community of over 1.5 million professionals contributed $350 million to the country’s foreign exchange reserves.
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, said, “By partnering with Meezan Bank, we are providing Pakistani businesses access to financial management tools that will support their global expansion and help them grow alongside the evolution of Pakistan’s export landscape. We’re committed to enabling Pakistan’s businesses to thrive on the global stage while contributing to the acceleration of the country’s digital export growth.”
Abdullah Ahmed, Group Head Transaction & International Banking Group at Meezan Bank, said, “Our strong digital infrastructure and deep expertise in today’s interconnected global economy make us an ideal Islamic banking partner for Payoneer. This seamless integration reflects our shared vision of fostering financial inclusion, driving innovation, and supporting Pakistan’s digital economy in alignment with ethical and Islamic financial principles. We look forward to a successful collaboration that empowers businesses and individuals alike through responsible and inclusive banking solutions.”
Ya right 7% increase in total receiving and withdawl amount in payoneer to bank account. Eating hard earned money of people.. we need alternatives before goons of pakistan make it almost imposaible for us to receive and withdraw money from both sides.. these fees are not acceptable even from payoneer. 3.99% in receving and then additional 3% in withdrawl.. thats is looting.
It would be nice if there was no need for Payoneer at all. Their support is horrendous.
Do better Meezan.
Payoneer is an Israeli origin company and is the antithesis of islamic
I have been working as a freelancer for the past four years and have attempted to withdraw funds to multiple banks, except Meezan Bank. However, none of these banks have provided the correct Purpose Remittance Certificate (PRC) with purpose code 9186 (designated for freelancers). Instead, they issue PRCs with purpose code 9471, which is not accepted by PSEB.
Could you confirm if Meezan Bank can resolve this issue and provide the correct PRC with purpose code 9186?
Fine drink
Helo sir,
I hope you are doing well.
I am here because my account was blocked and you told me to confirm your previous email in Which you said that if I wish to unblock the account Payoneer needs to close the other active account that I have.please close my other active account application and unblock this account
Your account was closed as some of your activity has gone against our Terms and Conditions. How can i solve this issue