While distributing checks to the beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme, Prime Minister Shehbaz Sharif introduced the Freelancer BOP (PMYB&ALS) segment and credit card.
Senior government officials and BOP President and CEO Zafar Masood were present.
By addressing their transactional, lending and payment needs, Bank of Punjab (BOP) will increase financial accessibility for independent contractors through this programme. The country’s ability to attract foreign investment will also be enhanced by this venture.
According to Zafar Masood, there are about 3 million independent contractors in Pakistan who contributed $400 million of the $2.616 billion in IT export remittances received during FY 2022, despite the fact that their potential is worth several billion dollars.
The freelance segment and credit card program are two ways BOP hopes to realize this potential and advance the economy.
Freelancers and IT professionals can open Freelancer digital accounts under the program, which supports enhanced credit and debit limits of up to $5,000 per month and $30,000 per year, and can officially receive remittances from abroad in both PKR and USD.