Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif, has launched the BOP
Freelancer Segment and Credit Card at a ceremony for cheque distribution among the
beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme
(PMYB&ALS). The event was part of on-going ‘Week of Youth’ celebrations. Mr. Zafar
Masud (President and CEO – BOP) and other senior officials of BOP were also present
at the occasion.
The Bank of Punjab (BOP), one of the leading financial institutions of Pakistan, through
this proposition, aims to improve financial access of freelancer community by addressing
their transactional, lending and payment related needs. Additionally, this initiative will also
enhance the country’s potential of attracting foreign exchange.
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Addressing the ceremony, Mr. Zafar Masud (President and CEO –BOP) said, “There are
around 3 million freelancers in Pakistan. Freelancers contributed $400m out of the total
information and communication technologies export remittances of $2.616 billion
recorded by the country during FY 2022, while their potential is worth billions of dollars.
Through our freelancer segment & credit card initiative, we aim to unlock this potential
and help the economy. Freelancers and IT professionals can open Freelancer Digital
Accounts in both PKR and USD, which can help bring foreign remittances through official
channels and can support enhanced credit and debit limits of up to USD 5,000 per month
& USD 30,000 per annum. In addition, IT professionals and companies are now allowed
to retain 35% of their export proceeds in such special foreign currency accounts, in an
aim to bring and retain foreign exchange earnings.”
Furthermore, freelancers can get BOP PSEB co-branded Debit & Credit cards. These
cards give access to exciting tech-related discounts at our alliance partners and boast
features customized for this segment, such as better transaction limits. We’re thankful to
our partners MasterCard and Pakistan Software Export Board (PSEB) for their tireless
efforts in making this possible.
