LAHORE: Prime Minister Mian Shehbaz Sharif has launched the BoP Freelancer Segment and Credit Card at a ceremony for cheque distribution among the beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS).

The event was part of ongoing ‘Week of Youth’ celebrations. Mr Zafar Masud, president and CEO of the BOP and other senior officials of the bank were also present on the occasion.

According to a press release, the BoP aims to improve financial access of the freelancer community by addressing their transactional, lending and payment related needs. Additionally, this initiative will also enhance the country’s potential of attracting foreign exchange.

Addressing the ceremony, Mr Masud said, “There are around 3 million freelancers in Pakistan. Freelancers contributed $400m out of the total information and communication technologies export remittances of $2.61bn recorded by the country during FY 2022, while their potential is worth billions of dollars. Through our freelancer segment & credit card initiative, we aim to unlock this potential and help the economy. Freelancers and IT professionals can open Freelancer Digital Accounts in both PKR and USD, which can help bring foreign remittances through official channels and can support enhanced credit and debit limits of up to USD 5,000 per month & USD 30,000 per annum. In addition, the IT professionals and companies are now allowed to retain 35% of their export proceeds in such special foreign currency accounts, in an aim to bring and retain foreign exchange earnings.”

Under the scheme, the freelancers can get BoP PSEB co-branded debit & credit cards. These cards give access to exciting tech-related discounts at our alliance partners and boast features customized for this segment, such as better transaction limits.

Published in Dawn, February 27th, 2023