Prime Minister Shehbaz Sharif has launched the Bank of Punjab (BOP) Freelancer Segment and Credit Card for Freelancers at a ceremony for the cheque distribution among the beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS).
The ceremony was attended by President and CEO BOP, Zafar Masud, with other senior officials of the bank also present on the occasion.
According to the details, the Bank of Punjab (BOP) aims to improve the financial access of freelancers in Pakistan, which is going to enhance the country’s potential of attracting more foreign exchange.
Addressing the ceremony, BOP CEO, Zafar Masud, said, “There are around 3 million freelancers in Pakistan, who contributed $400m out of the total IT export remittances of $2.616 billion during FY 2022, while their potential is worth billions of dollars.”
He added, “Through the freelancer segment & credit card initiative, BOP aims to unlock this potential and help the economy.”
Under the Freelancer Segment and Credit Card Scheme, the IT professionals and freelancers in the country can open a Freelancer Digital Account in both PKR and USD, which can help to bring foreign remittances through official channels and can support enhanced credit and debit limits of up to USD 5,000 per month and USD 30,000 per annum.
Furthermore, IT professionals and companies will now be allowed to retain 35% of their export proceeds in such special foreign currency accounts, in an aim to bring and retain foreign exchange earnings.
Credit Card for Freelancers in Pakistan
Under the scheme, the freelancers in the country can get BOP PSEB co-branded debit and credit cards. According to the details, these cards give access to exciting tech-related discounts at their alliance partners and boast features customized for this segment, such as better transaction limits.
Read more: Dollar Rate in Pakistan (Daily Updates).
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