At the distribution of checks to the recipients of the Prime Minister’s Youth Business and Agricultural Loan Plan, Prime Minister Shehbaz Sharif introduced the BOP Freelancer Segment and Credit Card (PMYB&ALS).
Senior government officials and President and CEO of BOP Zafar Masud were present.
By addressing their transactional, loan, and payment-related needs, the Bank of Punjab (BOP) would increase the financial accessibility for independent contractors through this programme. The country’s ability to attract foreign investment will also be improved by this endeavour.
According to Zafar Masud, there are about 3 million independent contractors in Pakistan who contributed $400 million out of the $2.616 billion in IT export remittances received during FY 2022, despite the fact that their potential is worth several billions of dollars.
The freelancer segment and credit card programme are two ways that BOP hopes to realise this potential and advance the economy.
Freelancers and IT professionals can open Freelancer Digital Accounts under the programme, which supports improved credit and debit limits of up to $5,000 per month and $30,000 per year, and can officially receive overseas remittances in both PKR and USD.