The State Bank of Pakistan (SBP) has introduced a new payment framework aimed at simplifying the transaction process for Benazir Income Support Program (BISP) beneficiaries. This update will help recipients of the Kafalat and Taleemi Wazaif programs, who currently receive payments via camps or retail shops, by enabling them to open “BISP Sahulat Accounts.” These accounts will allow direct transfer of monthly stipends, making transactions more efficient and transparent.
Key Features of the BISP Sahulat Accounts
Direct Transfer to Bank Accounts
Under this framework, beneficiaries can now open accounts at any bank or microfinance bank. The initiative seeks to improve transparency in the BISP payment system by directly transferring payments to beneficiaries’ accounts.
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Quick Details:
| Feature | Details |
|---|---|
| Number of Beneficiaries | 9.3 Million |
| Account Opening | One visit to nearest bank branch |
| Pilot Phase | Karachi and Lahore |
| Payment Method | RAAST/IBFT |
Pilot Phase in Karachi and Lahore
Initially, the framework will be rolled out in Karachi and Lahore, benefiting 300,000 recipients during the trial phase. Once the pilot phase is successfully implemented, the scope will extend to other cities across Pakistan.
BISP Sahulat Account Benefits
The new system is expected to provide 9.3 million women across Pakistan with direct access to their payments, offering them financial autonomy and flexibility. Beneficiaries will no longer have to visit retail shops or BISP camps, as they can withdraw their funds at any time from their bank accounts.
Account Activation and Training for Beneficiaries
Recognizing the challenges faced by poor and illiterate women, banks will offer training to help them activate their accounts and use ATM services. The banks will cover the initial account setup costs, including issuing ATM cards. However, beneficiaries will bear the cost of replacing lost or expired ATM cards.
Payment Disbursement via RAAST
The payments will be disbursed through RAAST/IBFT, ensuring quick and secure transfers to the beneficiaries’ accounts.
Conclusion
The new BISP Sahulat Account framework is a significant step towards improving financial inclusion for women, providing a secure, transparent, and efficient method for receiving social welfare payments. Starting with a pilot in Karachi and Lahore, the initiative is expected to benefit millions of BISP recipients across Pakistan.