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Sunday 25 February, 2024
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Government Launches Credit Card for Freelancers

BY Faizan Ahmed Feb 27, 2023. 06:16 pm UPDATED: Feb 27, 2023. 06:16 pm

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At a ceremony for the distribution of cheques to the beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme, Prime Minister Shehbaz Sharif launched the Bank of Punjab (BOP) Freelancer Segment and Credit Card for Freelancers (PMYB&ALS).

The ceremony was attended by BOP President and CEO Zafar Masud, as well as other senior bank officials.

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.”

The Freelancer Segment and Credit Card Scheme allows IT professionals and freelancers in the country to open a Freelancer Digital Account in both PKR and USD, which can help bring foreign remittances through official channels and support enhanced credit and debit limits of up to USD 5,000 per month and USD 30,000 per year.

Furthermore, IT professionals and businesses will be able to keep 35% of their export proceeds in such special foreign currency accounts in order to bring and keep foreign exchange earnings.

Credit Card for Freelancers in Pakistan

The scheme allows freelancers in the country to obtain BOP PSEB co-branded debit and credit cards. According to the details, these cards provide access to exciting tech-related discounts at their alliance partners, as well as features tailored to this market, such as higher transaction limits.

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