PM launches BOP Freelancer Segment and Credit Card at PMYB&ALS event

ISLAMABAD-Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif, has launched the Freelancer BOP and Credit Card Segment at a check distribution ceremony among the beneficiaries of the Prime Minister’s Youth and Agriculture Business Loan Scheme (PMYB&ALS). The event was part of the ongoing ‘Week of Youth’ celebrations. Mr. Zafar Masud (President and CEO – BOP) and other senior BOP officials were also present at the occasion.

Bank of Punjab (BOP), one of the leading financial institutions in Pakistan, through this proposition, aims to improve the financial access of the freelancer community by meeting their needs regarding transactions, loans and payments. In addition, this initiative will also increase the country’s potential to attract foreign exchange.

Addressing the event, Mr Zafar Masud said, “There are around 3 million freelancers in Pakistan. Freelancers account for $400 million of the total $2.616 billion ICT export remittances recorded by the country during FY 2022, while their potential is worth billions of dollars. Through our freelance and credit card segment initiatives, we aim to unlock this potential and help the economy. Freelancers and IT professionals can open Freelancer Digital Accounts in PKR and USD, which can help carry foreign remittances through authorized channels and can support increasing credit and debit limits up to $5,000 per month and $30,000 per year. Additionally, IT professionals and enterprises are now allowed to maintain 35 percent of their export proceeds in these special foreign currency accounts, with the aim of bringing in and maintaining foreign exchange earnings.”

In addition, freelancers can get co-branded BOP PSEB Debit and Credit cards. This card provides access to attractive technology-related discounts at our alliance partners and boasts features tailored to this segment, such as better transaction limits. “We thank our partner MasterCard and the Pakistan Software Export Agency (PSEB) for their tireless efforts in making this happen,” Masud continued.