Only 38,000 Freelancers Have Bank Accounts in Pakistan, Despite 2.3 Million Freelancers
Islamabad:A recent meeting held at the Finance Division under the Prime Minister’s Committee for IT Export Remittances revealed a concerning statistic: out of the 2.3 million freelancers in Pakistan, only 38,000 have bank accounts.
The meeting, chaired by Federal Minister for Finance and Revenue, Mohammad Aurangzeb, discussed strategies to enhance the flow of IT export remittances. It was highlighted that while there are 2.32 million freelancers in Pakistan, a mere 38,000 have opened bank accounts, despite the fact that the State Bank of Pakistan (SBP) is reporting the opening of 500 new accounts every week. Retaining these account holders and encouraging others to follow suit is now considered a key priority.
The Governor of the State Bank of Pakistan provided updates on the steps taken to address these challenges. These steps include streamlining the account-opening process, launching awareness campaigns, improving complaint resolution mechanisms, and prioritizing the IT sector within the banking framework.
Minister Aurangzeb reaffirmed the government’s commitment to promoting the IT sector as a crucial contributor to the economy. He urged all stakeholders to work collectively in overcoming challenges, boosting IT exports, and positioning Pakistan as a competitive player in the global IT industry.
The meeting was attended by Minister of State for IT and Telecom Shaza Fatima Khawaja, Advisor to the Finance Minister Khurram Shehzad, Chairman FBR, Governor of the State Bank, CEO of Pakistan Software Export Board, and other senior officials.
To ensure data-driven discussions and effective policy-making, the meeting decided to establish a working group consisting of representatives from FBR, SBP, Ministry of IT, P@SHA, and the Freelancers Association. The group will focus on harmonizing data, identifying key issues, simplifying processes, increasing transparency, and ensuring continuity in progress from the SBP and other stakeholders.
Minister Aurangzeb emphasized the rapidly growing IT sector’s critical role in Pakistan’s economic development. He stated, “The IT sector has the potential to generate foreign exchange through export remittances. To fully realize its potential and ensure the return of foreign earnings, a collaborative approach, consistent policies, and targeted reforms are essential.”
The meeting also focused on improving the ease of capital movement to promote IT export remittances, while highlighting the sector’s opportunities and challenges. Participants noted that while IT exports have shown consistent growth, a significant portion of the income remains unaccounted for due to a lack of proper banking infrastructure for freelancers.
