The President and the CEO of Mobilink Microfinance Bank, Ghazanfar Azzam has announced on Monday that Pakistani freelancers have received more than Rs4 billion since January 2020 by employing a tech-integrated solution during the Covid-19 pandemic.
At a media talk, he discussed the details saying, “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.”
Furthermore, the e-commerce and IT divisions in Pakistan have developed as businesses, but the trade suffered due to coronavirus constraints and lockdowns. On account of this development, Pakistan is the fourth fastest-growing freelance market worldwide. However, freelancers encountered delays and high charges when the amount was paid through a mainstream channel.
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One of the subsidiaries of Mobilink Microfinance Bank, JazzCash partnered with an American financial services company, Payoneer. The foreign company provides online money transfer and digital payment services. Azzam also said that the large banks did not provide loans for small commercial loading vehicles, motorcycles, etc. but the microfinance division caters for such requirements.
He also said that the supply to home business has been enhanced tenfold, which in turn has increased the demand for riders and motorcycles. The modern tech inclusivity has helped to decrease time duration, cost, and human intercommunications in the processing of loans for such investments, and small amount agri-loans to purchase a cattle or cart too has improved.
Likewise, JazzCash has introduced a business app to cater to the Small and Medium Enterprise (SME) division which is yet to recognize the full benefits of a digital payment’s ecosystem, he told, continuing that some amongst them are not even part of the formal economy.
Source: TechJuice
Image Source: Tribune
