The freelance workforce plays a pivotal role in both economic and societal landscapes, albeit often operating under the radar. Recognizing the significance of this segment, DFCC Bank PLC has introduced DFCC Freelancer, a tailored banking proposition designed specifically for freelancers in Sri Lanka. This groundbreaking initiative marks a significant milestone not only for DFCC Bank but for the entire banking industry in the country.
Why Freelancers Matter to DFCC Bank
Freelancers constitute a burgeoning segment of the workforce in Sri Lanka, as highlighted by a 2021 study conducted by the Information and Communication Technology Agency (ICTA). With approximately 175,000 individuals and growing at a rate of 17% annually, freelancers collectively contribute around USD 200 million in revenue from online and e-commerce platforms. Despite their relatively short tenure in the field, with 60% possessing less than five years of experience, freelancers exhibit substantial growth potential, particularly among the youthful demographic.
Spanning various sectors such as technology, creative industries, tourism, and professional services, freelancers have the capacity to access global markets, thereby generating significant foreign exchange earnings. Platforms like Fiverr, Upwork, and freelancer.com further augment their opportunities, facilitating expanded market reach and increased foreign revenue. Additionally, freelancers contribute to economic prosperity and social advancement by offering diverse services and skill sets, catering to the needs of businesses and individuals alike.
Addressing the Unique Needs of Freelancers
One of the primary challenges faced by freelancers is managing cash flow, given the variable nature of their income. To alleviate this concern, DFCC Freelancer offers a unique DFCC Mastercard Credit Card, providing financial flexibility during periods of fluctuating cash flow. Moreover, recognizing that freelancers often require access to their funds on demand, DFCC Freelancer provides tailored savings solutions offering both accessibility and higher interest rates.
Distinctive Advantages of DFCC Freelancer
DFCC Freelancer distinguishes itself by offering competitive interest rates on savings, deposits, and business and personal foreign currency accounts. Accountholders also benefit from membership privileges such as DFCC Pinnacle or Prestige status, along with tailored rewards aligned with average income levels. The DFCC Freelancer Mastercard Credit Card features a waived joining fee, 2% cashback on all foreign currency transactions, and access to 0% easy payment plans. Female accountholders additionally enjoy the DFCC Aloka program, a specialized women-centric banking proposition offering bespoke insurance offerings.
Moreover, DFCC Bank has innovated a fresh model to assess the creditworthiness of freelancers, taking into account their unique circumstances. Holding a DFCC Bank Mastercard Credit Card enables freelancers to establish and maintain a creditworthiness record, which proves beneficial for future financial endeavors.
Facilitating Financial Freedom
DFCC Freelancer empowers freelancers with a comprehensive suite of tailored financial services, enabling them to address their distinctive needs and aspirations. By offering effective saving mechanisms and the flexibility of the DFCC Freelancer Mastercard Credit Card, accountholders gain heightened financial stability and management capabilities. Furthermore, this initiative fosters greater financial integration by providing tools for formal banking engagement in foreign inward remittances.
Ultimately, DFCC Freelancer aims to facilitate the journey of freelancers towards financial independence, empowering them to pursue enduring careers and potentially venture into entrepreneurship. This initiative is poised to catalyze economic growth, drive innovation, and retain local talent within Sri Lanka, thus contributing to the nation’s development and prosperity.
AASIRI IDDAMALGODA SENIOR VICE PRESIDENT (Retail Banking & SME)
With DFCC Freelancer, freelancers can embark on their financial journey with confidence, knowing that they have a trusted partner in DFCC Bank, dedicated to their success and advancement in the dynamic world of freelancing.
