In a significant development for Pakistan’s small and medium-sized businesses (SMBs), Payoneer, the leading global financial technology company, has entered into a strategic partnership with Meezan Bank, Pakistan’s top Islamic bank. This collaboration aims to enhance cross-border payments and simplify the way Pakistani businesses, freelancers, and entrepreneurs handle international transactions. The signing ceremony took place at Meezan Bank’s Head Office and was attended by key figures including Syed Amir Ali, Deputy CEO of Meezan Bank, and Mr. Mohsin Muzaffar, the Country Manager for Payoneer.
The partnership comes at a time when Pakistan’s digital economy is on an upward trajectory, with IT exports reaching an impressive $3.2 billion in the fiscal year 2023–24, marking a 24% year-on-year increase. Additionally, the nation’s growing freelance community of over 1.5 million professionals contributed $350 million to the country’s foreign exchange reserves. This collaboration aims to support this expanding digital landscape by offering innovative solutions for SMBs to manage cross-border transactions more effectively.
Under the terms of the agreement, Meezan Bank’s customers can now link their Payoneer accounts to the bank’s mobile banking app, enabling them to make real-time withdrawals in multiple global currencies directly into their local Meezan Bank accounts. This seamless integration with the mobile app ensures that businesses in Pakistan can easily receive funds from clients, vendors, and global marketplaces, making them feel “local” to their international customers, regardless of geographical barriers.
One of the standout features of this collaboration is the ease of use and transparency it brings to the process of international payments. With Payoneer’s platform integrated into Meezan Bank’s mobile app, Pakistani businesses can now access several benefits. These include multi-currency balance monitoring, transparent foreign exchange (FX) rates, and no hidden costs. The process also includes prepopulated personal details, quick authentication via SMS, and a simple account-linking mechanism, making the entire experience smooth and hassle-free.
Another significant advantage of this partnership is the inclusion of Proceeds Realization Certificates (ePRC), an essential document for businesses engaged in cross-border trade. Issued by Meezan Bank, the ePRC serves as proof of the receipt of foreign exchange and is crucial for regulatory compliance, tax filing, and securing export rebates. With every transaction made through this integration, Pakistani SMBs will automatically receive their ePRC, ensuring that they stay on the right side of the law while handling their international transactions.
The collaboration between Payoneer and Meezan Bank represents more than just an integration of financial technologies. It reflects a shared vision to foster financial inclusion, drive innovation, and support Pakistan’s growing digital economy. Mr. Mohsin Muzaffar, Country Manager of Payoneer Pakistan, expressed confidence that this partnership will provide Pakistani businesses with the financial tools necessary to thrive on the global stage. He added that the collaboration will also contribute to the acceleration of Pakistan’s digital export growth, enabling businesses to expand internationally with greater ease.
On the other hand, Mr. Abdullah Ahmed, Group Head of Transaction & International Banking at Meezan Bank, emphasized the importance of the bank’s strong digital infrastructure and its commitment to supporting the nation’s evolving financial landscape. He stated that the partnership reflects Meezan Bank’s core values of fostering ethical and inclusive banking solutions, aligned with Islamic financial principles, while empowering businesses to scale up and succeed in a globalized economy.
In conclusion, this partnership between Payoneer and Meezan Bank marks a transformative step forward for Pakistani businesses involved in cross-border trade. By simplifying international payments and providing seamless integration with a trusted mobile banking app, the collaboration promises to make global business transactions easier and more efficient for entrepreneurs and SMBs across the country. As Pakistan’s digital economy continues to grow, this partnership plays a key role in supporting the nation’s export landscape and driving financial inclusion for all.