Payoneer (NASDAQ: PAYO), a leading global financial technology company, has partnered with Meezan Bank, Pakistan’s largest Islamic bank, to introduce a seamless international payment system for small and medium-sized businesses (SMBs), freelancers, and entrepreneurs in Pakistan. The collaboration aims to simplify cross-border transactions, enhance cash flow management, and provide greater financial accessibility to Pakistani businesses looking to expand globally.
The official signing ceremony was held at Meezan Bank’s Head Office, where Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer Pakistan, formalized the partnership. Through this integration, Meezan Bank customers can now link their Payoneer accounts with the bank’s mobile app, allowing real-time withdrawals in multiple global currencies directly into their local Meezan Bank accounts. This seamless connection enables businesses in Pakistan to receive international payments effortlessly from clients, vendors, and global marketplaces.
With this new system, Pakistani businesses and freelancers can enjoy several benefits, including multi-currency balance tracking, transparent foreign exchange (FX) rates, and no hidden fees. The integration also offers a simple account-linking process, quick authentication via SMS, and prepopulated personal details for a hassle-free experience. Moreover, a crucial regulatory feature—the Proceeds Realization Certificate (ePRC)—will be issued with every transaction, assisting SMBs in fulfilling tax obligations and securing export rebates.
This partnership comes at a time when Pakistan’s digital economy is witnessing significant growth. The country’s IT exports surged to $3.2 billion in FY24, marking a 24% year-on-year increase. Pakistan’s thriving freelance workforce, consisting of over 1.5 million professionals, also contributed approximately $350 million to the country’s foreign exchange reserves. By offering a streamlined payment solution, Payoneer and Meezan Bank aim to facilitate easier international trade and empower local businesses to scale globally.
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, emphasized the impact of this collaboration on the country’s growing digital exports. He stated that by integrating Payoneer’s financial management tools with Meezan Bank’s robust banking infrastructure, Pakistani businesses would have better access to global markets. He highlighted Payoneer’s commitment to supporting local entrepreneurs in their journey toward international expansion.
Abdullah Ahmed, Group Head of Transaction & International Banking at Meezan Bank, underscored the bank’s dedication to financial inclusion and ethical banking. He noted that Meezan Bank’s expertise in digital banking, combined with Payoneer’s global reach, would foster innovation and drive Pakistan’s digital economy forward while adhering to Islamic financial principles. He expressed confidence that this partnership would empower both businesses and individuals with responsible and inclusive banking solutions.
As Pakistan continues to strengthen its digital payment ecosystem, this partnership between Payoneer and Meezan Bank represents a critical step in enhancing financial accessibility. By bridging the gap between local businesses and international markets, the collaboration is set to play a key role in accelerating the country’s fintech-driven economic growth.
