Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, has partnered with Meezan Bank, Pakistan’s leading Islamic bank, to enhance cross-border payments for Pakistani SMBs, entrepreneurs, and freelancers.
The signing ceremony took place at Meezan Bank’s Head Office, attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer.
This strategic collaboration aims to simplify international transactions and improve cash flow management. Meezan Bank customers can now link their Payoneer accounts to the bank’s mobile banking app to make real-time withdrawals in multiple global currencies directly into their Meezan Bank’s local receiving accounts.
The seamless mobile app integration allows businesses in Pakistan to effortlessly receive funds from clients, vendors, and marketplaces worldwide, enabling them to be “local” to their customers, regardless of where they are.
Meezan Bank customers will also access benefits including multi-currency balance monitoring, transparent FX rates, no hidden costs, prepopulated personal details, quick authentication via SMS, and a straightforward account-linking process.
This integration ensures the issuance of Proceeds Realization Certificate (ePRC) with every transaction, an essential document provided by Meezan Bank for regulatory adherence, tax filing, and securing export rebates. This addresses a critical legal requirement for Pakistan’s SMBs engaged in cross-border trade.
The collaboration comes at a pivotal time for Pakistan’s digital economy, which continues to demonstrate robust growth. The nation’s IT exports reached $3.2 billion in FY2023-24, a 24% year-on-year increase. Pakistan’s vibrant freelance worker community of over 1.5 million professionals contributed $350 million to the country’s foreign exchange reserves.
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, said, “By partnering with Meezan Bank, we are providing Pakistani businesses access to financial management tools that will support their global expansion and help them grow alongside the evolution of Pakistan’s export landscape. We’re committed to enabling Pakistan’s businesses to thrive on the global stage while contributing to the acceleration of the country’s digital export growth.”
Abdullah Ahmed, Group Head Transaction & International Banking Group at Meezan Bank, said, “Our strong digital infrastructure and deep expertise in today’s interconnected global economy make us an ideal Islamic banking partner for Payoneer. This seamless integration reflects our shared vision of fostering financial inclusion, driving innovation, and supporting Pakistan’s digital economy in alignment with ethical and Islamic financial principles. We look forward to a successful collaboration that empowers businesses and individuals alike through responsible and inclusive banking solutions.”