In a groundbreaking partnership aimed at enhancing cross-border payments for Pakistani small and medium-sized businesses (SMBs), Payoneer (NASDAQ: PAYO), a global leader in financial technology, has teamed up with Meezan Bank, the country’s premier Islamic bank. This collaboration is designed to streamline international transactions for entrepreneurs, freelancers, and businesses in Pakistan, providing them with improved financial management and easier access to global markets.
The official signing ceremony, which took place at Meezan Bank’s Head Office, was attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager for Payoneer. The strategic alliance between the two financial entities is set to simplify cross-border transactions and optimize cash flow management, a much-needed development for Pakistan’s rapidly growing digital economy.
As part of the new partnership, Meezan Bank customers can now seamlessly link their Payoneer accounts with the bank’s mobile banking app. This integration allows business owners to make real-time withdrawals in multiple currencies and directly transfer the funds into their Meezan Bank local accounts. This convenient mobile app feature enables businesses to receive payments from clients, vendors, and global marketplaces with ease. It ensures that even as businesses grow their international presence, they can maintain a local touch by easily transacting in their preferred currencies, regardless of their global location.
In addition to simplifying cross-border transactions, the integration offers several benefits for Meezan Bank customers. These include the ability to monitor multi-currency balances, transparent foreign exchange rates, and no hidden fees. The process of linking accounts is quick and simple, with prepopulated personal details and fast authentication via SMS, ensuring a smooth and hassle-free experience. This provides businesses with all the necessary tools to efficiently manage their international payments and streamline their financial processes.
A standout feature of the new integration is its focus on compliance with regulatory requirements. Every transaction made through the system will automatically generate a Proceeds Realization Certificate (ePRC). This certificate is crucial for tax filing, securing export rebates, and meeting Pakistan’s legal and regulatory needs, making it an essential tool for SMBs engaged in cross-border trade.
The collaboration between Payoneer and Meezan Bank comes at a critical time for Pakistan’s digital economy, which continues to show remarkable growth. The country’s IT exports reached a record $3.2 billion in fiscal year 2024, marking a 24% increase year-over-year. Additionally, Pakistan’s freelance community, which numbers over 1.5 million professionals, has significantly contributed to the country’s foreign exchange reserves, with freelancers generating approximately $350 million in 2024 alone.
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, emphasized the importance of the partnership, stating, “By collaborating with Meezan Bank, we are providing Pakistani businesses with access to financial management tools that will support their global expansion. This partnership is in line with our commitment to enabling Pakistan’s businesses to thrive globally while contributing to the growth of the country’s export sector.”
With this partnership, Payoneer and Meezan Bank are positioning themselves as key enablers of Pakistan’s burgeoning digital economy, providing businesses with the tools and resources they need to compete and grow on the international stage. The move is expected to have far-reaching impacts on the future of cross-border trade and payments for SMBs in Pakistan, reinforcing the country’s position as a growing hub for digital entrepreneurs and international commerce.