Prime Minister (PM) Shehbaz Sharif has introduced the BOP Freelancer Segment and Credit Card in an aim to provide financial access for independent contractors and increase Pakistan’s capacity to draw foreign money.
The launch took place at an event when recipients of the Prime Minister’s Youth Business and Agricultural Loan Scheme (PMYB&ALS) received checks, and prominent authorities including the president and chief executive officer of Bank of Punjab (BOP), Zafar Masud, were present.
Masud estimates that 3 million independent contractors reside in Pakistan and that they contributed $400 million to the $2.616 billion in IT export remittances received by the nation in fiscal year 2022.
According to him, the potential of independent contractors is worth billions of dollars, and the new programme will assist to tap into this potential and promote economic growth.
Freelancers and IT specialists will be able to open Freelancer Digital Accounts under the programme in both Pakistani Rupees (PKR) and US Dollars (USD).
These accounts will offer increased credit and debit limits of up to $5,000 per month and $30,000 per year, enabling the official acceptance of international remittances.
The BOP Freelancer Sector and Credit Card is an essential step in enhancing Pakistani freelancers’ financial access and increasing the nation’s economic potential.
Pakistan’s independent contractors are in a strong position to significantly contribute to the country’s economic progress in the years to come with the help of the government and the banking industry.