Islamabad, Mar 5, 2025: Payoneer (NASDAQ: PAYO), a global fintech company dedicated to empowering small and medium-sized enterprises (SMEs) in conducting seamless international transactions, has joined forces with Meezan Bank,
Pakistan’s foremost Islamic financial institution, to enhance cross-border payment solutions for local entrepreneurs, freelancers, and SMEs.
Meezan Bank’s headquarters hosted the official signing ceremony,
Where Deputy CEO Syed Amir Ali and Payoneer’s Country Manager for Pakistan, Mohsin Muzaffar, were present.
This partnership aims to streamline overseas payments and optimize cash flow management for Pakistani businesses.
Meezan Bank account holders can now seamlessly connect their Payoneer wallets to the bank’s mobile
However, banking platform, facilitating instant withdrawals in multiple foreign currencies directly into their local Meezan Bank accounts.
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This smooth digital integration allows businesses to effortlessly receive funds from global marketplaces, vendors, and clients,
Ensuring that Pakistani enterprises can operate as “local” businesses internationally, regardless of their physical location.
Additionally, Meezan Bank customers will benefit from a range of features, including real-time balance tracking in multiple currencies,
Transparent foreign exchange rates, no undisclosed charges, automatic population of personal details,
Swift authentication via SMS, and a hassle-free account linking mechanism.
Another crucial aspect of this integration is the automatic issuance of the Proceeds Realization Certificate (ePRC) by Meezan Bank with every transaction.
This essential document plays a vital role in ensuring regulatory compliance, tax documentation,
And securing export-related incentives, addressing a key requirement for Pakistani SMEs engaged in global trade.
This collaboration arrives at a significant juncture for Pakistan’s rapidly growing digital economy.
The country’s IT export revenue surged to $3.2 billion in FY24, marking a 24% year-over-year increase.
Additionally, Pakistan’s thriving freelance industry, comprising over 1.5 million skilled professionals, contributed approximately $350 million to the nation’s foreign exchange reserves.
Mohsin Muzaffar, Payoneer Pakistan’s Country Manager, emphasized the importance of this alliance, stating, “By partnering with Meezan Bank,
We are equipping Pakistani businesses with cutting-edge financial tools that will accelerate their global expansion and support the country’s evolving export sector.
Although, Our mission is to empower businesses to thrive in the international marketplace while driving Pakistan’s digital trade growth.”
Additionally, Abdullah Ahmed, Group Head of Transaction & International Banking at Meezan Bank, expressed his enthusiasm, remarking,
“Meezan Bank’s robust digital framework and expertise in the interconnected global economy position us as the ideal Islamic banking partner for Payoneer.
This integration aligns with our commitment to fostering financial inclusion, encouraging innovation, and supporting Pakistan’s digital economy
However, we look forward to a successful collaboration that empowers businesses and individuals with responsible financial solutions.”
