Payoneer and Meezan Bank Partner to Streamline International Payments for Pakistani SMBs

Karachi: Payoneer, a financial technology firm listed on NASDAQ, has formed a partnership with Meezan Bank, a top Islamic bank in Pakistan, to enhance international payment solutions for small and medium-sized businesses, entrepreneurs, and freelancers in the country.

According to a statement by Meezan Bank Limited, the collaboration aims to simplify cross-border transactions and improve cash flow management for Pakistani businesses. Customers of Meezan Bank can now link their Payoneer accounts with the bank’s mobile app, allowing real-time withdrawals in various global currencies directly into their local accounts. This integration facilitates seamless receipt of funds from international clients, vendors, and marketplaces, enabling businesses to operate more efficiently on a global scale.

The new service offers several advantages to Meezan Bank customers, including monitoring of multi-currency balances, transparent foreign exchange rates, and a streamlined account-linking process. Additionally, the integration will automatically issue a Proceeds Realization Certificate (ePRC) with every transaction, ensuring compliance with regulatory and tax requirements for businesses engaged in international trade.

The partnership is timely, as Pakistan’s digital economy is experiencing significant growth. The country’s IT exports reached $3.2 billion in the fiscal year 2023-24, marking a 24% increase from the previous year. A vibrant community of over 1.5 million freelance workers in Pakistan contributed $350 million to the nation’s foreign exchange reserves.

Mohsin Muzaffar, Payoneer’s Country Manager for Pakistan, expressed enthusiasm about the partnership, stating that it will provide businesses with essential financial tools to support their global expansion and contribute to the growth of Pakistan’s digital export sector.

Abdullah Ahmed, Group Head of the Transaction and International Banking Group at Meezan Bank, highlighted the bank’s commitment to fostering financial inclusion and innovation, in line with Islamic financial principles. He emphasized that the collaboration with Payoneer reflects a shared vision of empowering businesses and individuals through responsible banking solutions.