Only 38,000 freelancers have bank accounts in Pakistan: Government

Only 38,000 of Pakistan’s 2.32 million freelancers – responsible for 15% of Pakistan’s overall IT exports – have bank accounts based in Pakistan, according to a statement made by the Finance Division of the Government of Pakistan last week. Disclosed during a meeting of the Prime Minister’s Committee on IT Export Remittances, this means that while IT exports are steadily increasing, remittances do not reflect this increase proportionately, as a substantial fraction of revenue remains unremitted. According to data by the State Bank of Pakistan (SBP), while on average 500 bank accounts are being opened weekly, the problem lies in retaining the account holders.

The meeting also discussed the urgency in bringing global payment options, such as PayPal , to Pakistan. Finance Minister Muhammad Aurangzeb stressed the need to make Pakistan a key player in the global IT industry by resolving these current issues.