Prime Minister Mian Shehbaz Sharif has launched the BoP Freelancer Segment and Credit Card at a ceremony for cheque distribution among the Prime Minister’s Youth Business and Agricultural Loan Plan participants (PMYB&ALS).
The event was held as part of the ongoing “Week of Youth” festivities. Mr. Zafar Masud, president and chief executive officer of the BOP, and other senior bank executives were also present.
According to a press release, the BoP intends to increase freelancers’ financial access by meeting their transactional, loan, and payment-related needs. In addition, this move will improve the country’s ability to attract foreign exchange.
Mr. Masud, speaking at the occasion, stated, “There are around three million freelancers in Pakistan. In fiscal year 2022, freelancers contributed $400 million to the $2.61 billion in total information and communication technology export remittances reported by the government, while their potential is worth billions of dollars. By our freelancer section and credit card effort, we intend to aid the economy by releasing this potential. Freelancers and IT professionals can open Freelancer Digital Accounts in both PKR and USD, which can facilitate the transfer of international remittances through official channels and support expanded credit and debit limits of up to USD 5,000 per month and USD 30,000 per year. In addition, IT professionals and enterprises are now permitted to retain 35% of their export proceeds in these special foreign currency accounts, with the goal of attracting and retaining foreign exchange earnings.”
Through the programme, freelancers can obtain debit and credit cards co-branded with BoP PSEB. These cards provide access to enticing tech-related discounts at our alliance partners and flaunt segment-specific benefits, such as increased transaction limits.