KARACHI: Pakistani freelancers lose millions of dollars every year while transferring their earnings from foreign clients to local bank accounts because of the lack of affordable payment systems, experts said.
A majority of freelancers in Pakistan secure projects from international platforms such as Fiverr, Upwork, and other freelancers marketplaces. In addition to paying commissions to these platforms, they also bear high costs charged by payment gateways and local banks as service fees.
Tufail Ahmed Khan, a global freelancing expert, said Pakistani freelancers pay a heavy price to bring their earnings home.
READ MORE: Internet disruption, power outages take heavy toll on IT firms and freelancers
“They remain at a disadvantage in the global freelancing market on account of limited options and service providers,” he noted.
He said PayPal services are still not accessible in Pakistan. Although a few alternative payment solutions are available, their charges are excessively high, resulting in significant financial losses for freelancers and the country’s foreign exchange reserves.
According to estimates, Pakistan earned more than half a billion dollars in foreign exchange from freelancing income during the last financial year. However, deductions and fees charged to freelancers also amounted to millions of dollars.
READ MORE: IT minister claims Dr Umar sabotaged deal with Paypal
Khan has urged the government to attract more international payment service providers to Pakistan, ensuring freelancers can transfer their earnings into domestic bank accounts without paying exorbitant or hidden charges.
Amer Baroudi, co-founder & CEO of nsave, an international fintech enabling access to US dollar earnings, said Pakistan’s community of freelancers and remote workers is growing rapidly, making the country the fourth-largest and fastest-growing destination for freelancers globally.
“These freelancers deserve hassle-free and innovative payment options, not only to bring their income home efficiently, but also to invest their earnings to grow their savings and protect themselves against inflation’s hit and unseen future expenses,” he said.
READ MORE: ’Pakistan freelancers hold over $1bn yearly earning potential’
He said freelancers worldwide empower themselves through financial freedom and investment opportunities, utilizing their income wisely via modern payment gateways and fintech solutions that deliver real value.
“We at nsave are on-boarding a good number of freelancers from Pakistan every day, offering them multiple services through very easy steps without any charges, he said. Our innovation and quality of services are not only facilitating freelancers but also helping save on foreign exchange.”
According to World Bank estimates, Pakistan bristles with more than 2.37 million freelancers. Thousands of remote workers and freelancers continue to join both domestic and international platforms, supported by the government and Non-Governmental Organisation (NGO)-led skill development programmes offered free of cost.
