The Bank of Punjab (BOP) Freelancer Segment and Credit Card for Freelancers were introduced by the Prime Minister Shehbaz Sharif at an event for the distribution of checks to the recipients of the Prime Minister’s Youth Enterprise and Agricultural Loan Plan (PMYB&ALS).
President and CEO of BOP, Zafar Masud, as well as other important bank officials were present at the ceremony.
According to the specifics, the Bank of Punjab (BOP) wants to increase the financial accessibility of independent contractors in Pakistan, which will increase that nation’s capacity to draw in more foreign currency.
“There are about 3 million freelancers in Pakistan, who contributed $400 million out of the total IT export remittances of $2.616 billion during FY 2022, while their potential is worth billions of dollars,” BOP CEO Zafar Masud stated in his remarks at the occasion.
BOP hopes to realize this potential and boost the economy through its credit card project and freelancer segment, he continued.
The Freelancer Segment and Credit Card Scheme allows IT professionals and independent contractors in the nation to open a Freelancer Digital Account in both PKR and USD, which can support increased credit and debit limits of up to USD 5,000 per month and USD 30,000 per year. This can help bring foreign remittances through official channels.
In order to bring and maintain foreign exchange revenues, IT professionals and businesses will now be permitted to keep 35% of their export proceeds in such dedicated foreign currency accounts.
Credit Card for Pakistani Freelancers
The program allows the nation’s independent contractors to get BOP PSEB co-branded debit and credit cards. These cards, according to the specifics, offer enticing tech-related discounts at its alliance partners and boast characteristics made specifically for this market, like higher transaction limits.