Prime Minister Shehbaz Sharif launched the BOP Freelancer Segment and Credit Card during cheque distribution among the beneficiaries of the Prime Minister's Youth Business and Agriculture Loan Scheme (PMYB&ALS).
President and CEO BOP Zafar Masud and other senior officials were present at the occasion.
The Bank of Punjab (BOP), through this scheme, would improve financial access for freelancers by addressing their transactional, lending and payment-related needs. Additionally, this initiative will also enhance the country’s potential of attracting foreign exchange.
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. Through the freelancer segment & credit card initiative, BOP aims to unlock this potential and help the economy.”
Under the scheme, freelancers and IT professionals can open Freelancer Digital Accounts in both PKR and USD, which can officially bring foreign remittances and support enhanced credit and debit limits of up to $5,000 per month and $30,000 per annum.
Published in The Express Tribune, February 27th, 2023.
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