SBP Facilitates 9.3 Million BISP Beneficiaries with BISP Sahulat Account for Seamless Payments

In a recent development, the State Bank of Pakistan (SBP) has rolled out a new payment mechanism to streamline the disbursement of monthly support to Benazir Income Support Program (BISP) beneficiaries directly into their bank accounts. This groundbreaking initiative aims to alleviate the challenges faced by many individuals during the payment process, ensuring a more efficient and transparent transaction experience.

Introducing SBP’s Enhanced Payment Framework for BISP Beneficiaries

The SBP has collaborated with banks and the BISP administration to devise a robust payment structure that enables BISP recipients to receive payments seamlessly in their bank accounts. This innovative system is designed to enhance transparency and reliability throughout the payment process.

9.3 Million Beneficiaries Empowered to Open BISP Sahulat Accounts

Under the new payment framework, around 9.3 million BISP beneficiaries will have the opportunity to open BISP Sahulat Accounts, fostering financial inclusion among recipients, particularly women. This initiative grants beneficiaries direct access to their funds, allowing them to withdraw money conveniently from their banks or ATMs.

Commencement of Pilot Phase in Karachi and Lahore

To ensure a smooth transition for the vast number of beneficiaries, the SBP will implement the payment framework in phases, commencing with a pilot phase in Karachi and Lahore. Approximately 300,000 beneficiaries will participate initially, with plans to expand to other cities following a successful trial. Feedback from this phase will inform further enhancements to the system for optimal performance.

Payments Facilitated via RAAST and IBFT

Upon opening BISP Sahulat accounts, payments will be disbursed securely through channels like RAAST and IBFT, ensuring swift and reliable fund transfers. These platforms facilitate real-time transactions, eliminating delays in payment processing, thus offering beneficiaries quick access to their monthly stipends.

Empowering BISP Beneficiaries through Account Utilization Training

In recognition of the diverse literacy levels among beneficiaries, banks will conduct training sessions to educate individuals on effectively managing their bank accounts, navigating ATMs, and activating account PINs. Moreover, banks will cover all initial costs associated with creating accounts and issuing ATM cards to ensure seamless access to financial services for all beneficiaries.

In Conclusion

The launch of the BISP Sahulat Account framework marks a significant stride in simplifying payment processes for over 9 million beneficiaries. By facilitating direct transfers into bank accounts, the system enhances the accessibility and security of payments. The forthcoming pilot phase in Karachi and Lahore sets the stage for future expansion, promising heightened financial inclusion and operational efficiency within the BISP program.

FAQs

What is the BISP Sahulat Account?
The BISP Sahulat Account is a bank account that enables BISP beneficiaries to receive monthly payments directly into their accounts, eliminating the need for physical cash distribution.

Who can open a BISP Sahulat Account?
All registered BISP beneficiaries, including the 9.3 million women receiving monthly stipends, are eligible to open a BISP Sahulat Account.

When will the pilot phase commence?
The pilot phase will kick off in Karachi and Lahore, with an initial onboarding of around 300,000 beneficiaries before expanding to other cities.

Are there any charges for opening a BISP Sahulat Account?
No, beneficiaries will not incur any fees for opening or maintaining their accounts. However, they may be responsible for covering costs associated with lost or expired ATM card replacements.