Financial Inclusion: SBP Introduces BISP Sahulat Account

Exciting news for the 9.3 million beneficiaries of the Benazir Income Support Programme (BISP)! The State Bank of Pakistan (SBP) has rolled out a new payment framework that allows BISP beneficiaries to open BISP Sahulat Accounts for seamless monthly stipend transfers, eliminating transaction hurdles.

Empowering BISP Beneficiaries Through Enhanced Payment Systems

The SBP in collaboration with [https://8171ehsaasbisp.pk/] has established a robust framework to facilitate BISP clients in receiving social welfare payments directly into their bank or microfinance bank accounts. Consultation with banks and BISP ensures transparency and convenience for beneficiaries, maximizing financial inclusivity.

Seamless Access to Financial Services for 9.3 Million Beneficiaries

The SBP announced that 9.3 million BISP beneficiaries can effortlessly open BISP Sahulat Accounts in their nearest bank branches, streamlining payment transactions. This initiative empowers women to access their funds conveniently and securely, enhancing financial autonomy.

About 9.3 million BISP beneficiaries can use the framework to open a “BISP Sahulat Account” in just one visit to the designated local bank branch. Recipients are meticulously mapped to nearby bank branches for swift and efficient account activation.

Pioneering the Framework: Pilot Phase in Karachi & Lahore

To manage the substantial beneficiary volume, the framework will be gradually implemented. The initial phase targets onboarding 300,000 BISP beneficiaries in Karachi and Lahore. After the successful pilot phase, the SBP plans to expand the framework to more cities in collaboration with BISP.

The SBP aims to boost women’s financial inclusion, digitize financial services, and ensure transparent disbursal of social welfare payments to BISP beneficiaries through this pioneering framework.

Efficient Payments via RAAST/IBFT

Banks and microfinance banks are urged to open accounts for BISP beneficiaries under the dedicated arrangement, enabling direct fund transfers. The pilot project in Karachi and Lahore will pave the way for expanding the framework to additional cities after necessary adjustments, ensuring seamless payment processing via RAAST/IBFT.

Empowering Beneficiaries: Training for Account Activation

To aid BISP beneficiaries, especially those unfamiliar with banking procedures, banks will conduct training programs for account and ATM PIN activation. All expenses related to account setup and maintenance will be covered by the banks, ensuring beneficiaries incur no fees.

However, beneficiaries are responsible for the cost of duplicate or replacement debit/ATM cards. They won’t receive checkbooks or online/mobile banking facility, streamlining the process for easy access to funds.

Conclusion

The introduction of BISP Sahulat Account marks a significant leap towards financial empowerment for 9.3 million beneficiaries. By simplifying payment processes and enhancing accessibility, this framework promises financial inclusivity and transparent fund distribution. The initiative’s success in Karachi and Lahore sets the stage for nationwide implementation, revolutionizing social welfare payments for BISP beneficiaries.