On Monday, The country’s freelancers have received more than Rs4 billion since January 2020 using a tech-based solution amid the Covid-19 pandemic, said Ghazanfar Azzam, president and CEO, Mobilink Microfinance Bank.
Sharing details at a media talk, he said, “Freelance work by IT professionals increased under the circumstances but they were facing the issue of remittances of very small amounts, ranging from $100-$500. We devised a solution, given that more professionals are taking up small IT jobs.”
The e-commerce and IT sectors in the country grew as businesses and trade suffered due to the coronavirus restrictions and lockdowns. Pakistan is the fourth fastest growing freelance market globally. However, freelancers faced delays and high costs when the amount was remitted via mainstream channel.
One of the subsidiaries of Mobilink Microfinance Bank — JazzCash — partnered with Payoneer, an American financial services company that provides online money transfer and digital payment services, he explained.
Over Rs4bn has been received since January 2020 by more than 100,000 freelancers through Payoneer and JazzCash accounts,” Mr Azzam said.
Reduction in human interaction and movements as well as improvements in internet connectivity has helped the promotion of e-commerce, he added.
The CEO went to say that large banks did not provide loans for small commercial loading vehicles, motorcycles etc but the microfinance sector caters for such needs.
“Ranging from food sector to general items, the supply to home business has increased manifold and so has the demand for riders and motorcycles,” he said, adding that such needs are being fulfilled only by the microfinance sector.