Pakistani freelancers have received more than 4 billion rupees since January 2020 using a tech-based solution amid the coronavirus pandemic.
While businesses and trading have suffered due to restrictions and Covid-19 lockdowns, growth of the microfinance sector has improved as the country’s freelancers received more than Rs 4 billion from foreign countries since January 2020.
In this regard, in Monday while sharing details at a media talk, Mobilink Microfinance Bank CEO and President Ghazanfar Azzam said, “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.”
Meanwhile, the e-commerce and IT sectors in the country grew as businesses and trade suffered due to the covid restrictions and lockdowns.
The country is the 4th fastest growing freelance market globally, however, freelancers have faced delays and high costs when the amount was remitted via mainstream channel.
“Over Rs 4 billion has been received since January 2020 by more than 100,000 freelancers through Payoneer and JazzCash accounts,” Azzam said by adding that reduction in human collaboration and movements as well as improvements in internet connectivity has helped the promotion of e-commerce.
The CEO went on to say that large banks did not provide loans for small commercial loading vehicles, motorcycles etc but the microfinance sector caters for such needs.
“Ranging from food sector to general items, the supply to home business has increased manifold and so has the demand for riders and motorcycles,” he added that such needs are being fulfilled only by the microfinance sector.
Technological inclusivity has helped out to reduce time, cost and human interactions in the processing of loans for such projects and small agri-loans to buy a cattle or cart too has improved.