Payoneer and Meezan Bank Partner to Enhance International Payments for Pakistani SMBs
Payoneer (NASDAQ: PAYO), a leading global financial technology company, has joined forces with Meezan Bank, Pakistan’s top Islamic bank, to facilitate seamless cross-border payments for small and medium-sized businesses (SMBs), entrepreneurs, and freelancers in Pakistan.
A Milestone in Digital Payments
The signing ceremony was held at Meezan Bank’s Head Office, attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer Pakistan. This strategic alliance aims to simplify international transactions and enhance cash flow management for local businesses.
How This Partnership Benefits Pakistani Businesses
With this integration, Meezan Bank customers can now link their Payoneer accounts to the bank’s mobile app, enabling real-time withdrawals in multiple currencies. This seamless connection allows businesses to receive payments from international clients, vendors, and marketplaces effortlessly, ensuring smooth cash management.
Key Benefits for Users:
- Multi-Currency Transactions: Businesses can receive funds in various global currencies.
- Transparent FX Rates: No hidden costs or unexpected fees.
- Seamless Account Linking: Easy authentication and prepopulated personal details for quick setup.
- Regulatory Compliance: Automatic issuance of an ePRC (Proceeds Realization Certificate) for tax and export rebate purposes.
Driving Pakistan’s Digital Economy Growth
This collaboration comes as Pakistan’s IT sector experiences significant growth. The country’s IT exports reached $3.2 billion in FY24, marking a 24% year-on-year increase. Additionally, Pakistan’s freelance community of over 1.5 million professionals contributed $350 million to foreign exchange reserves.
Industry Leaders Speak
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, emphasized that this partnership equips Pakistani businesses with essential financial tools for global expansion.
Abdullah Ahmed, Group Head of Transaction & International Banking at Meezan Bank, highlighted the bank’s commitment to fostering financial inclusion and supporting Pakistan’s digital economy in line with Islamic financial principles.
