Seamless Digital Integration to Empower Pakistan’s Digital Economy
Payoneer, a leading financial technology company, has joined forces with Meezan Bank, Pakistan’s largest Islamic bank, to streamline international payment withdrawals for small and medium-sized businesses (SMBs), freelancers, and entrepreneurs across the country. The strategic partnership aims to enhance cross-border payment solutions and support the growing needs of Pakistan’s digital economy.
The signing ceremony took place at Meezan Bank’s Head Office in Karachi, attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer Pakistan.
Revolutionizing Cross-Border Transactions
Through this collaboration, Meezan Bank customers can now link their Payoneer accounts directly to the bank’s mobile banking app, enabling real-time withdrawals in multiple global currencies into their local receiving accounts. The seamless integration offers:
- Multi-currency balance monitoring
- Transparent FX rates with no hidden charges
- Quick authentication via SMS verification
- Prepopulated account details for simplified transactions
- Automatic issuance of Proceeds Realization Certificate (PRC), a critical document for regulatory compliance and export rebates
This initiative empowers businesses to manage cash flow efficiently while making cross-border transactions more accessible and transparent.
Driving Digital Export Growth
The partnership comes at a crucial time as Pakistan’s digital economy experiences robust growth. The country’s IT exports surged to $3.2 billion in FY2023-24, reflecting a 24% year-on-year increase. With over 1.5 million freelance professionals contributing $350 million to the nation’s foreign exchange reserves, the collaboration is set to further accelerate Pakistan’s digital export landscape.
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, expressed:
“By partnering with Meezan Bank, we are equipping Pakistani businesses with financial management tools that enable global expansion while supporting the nation’s digital export growth.”
Meezan Bank, known for its ethical and Islamic financial services, aims to leverage its robust digital infrastructure to foster financial inclusion and innovation.
Abdullah Ahmed, Group Head Transaction & International Banking Group at Meezan Bank, said:
“This collaboration aligns with our vision of empowering businesses and individuals through responsible and inclusive banking solutions that support Pakistan’s digital economy.”
The Payoneer-Meezan Bank partnership marks a significant step in Pakistan’s journey toward financial digitization, offering convenient, secure, and compliant cross-border payment solutions. The collaboration is expected to boost the country’s SMB sector, increase digital exports, and strengthen Pakistan’s global business footprint.
