The State Bank of Pakistan (SBP) has introduced an innovative payment framework to streamline the disbursement of funds to the beneficiaries of the Benazir Income Support Program (BISP). This system allows beneficiaries to receive their monthly payments directly into newly established “BISP Sahulat Accounts,” aimed at enhancing convenience, financial inclusion, and transparency.
9.3 Million Beneficiaries to Benefit
Approximately 9.3 million beneficiaries of BISP are eligible to open these new bank accounts. The accounts will enable them to withdraw their funds directly from ATMs or banks without delays or complications, ensuring secure and swift payments.
READ MORE: Updated News: SBP Launches New Payment Framework for BISP Beneficiaries in 2024
| Key Points | Details |
|---|---|
| Initiative | BISP Sahulat Accounts for 9.3 million beneficiaries |
| Payment Method | Direct transfers to bank accounts |
| Pilot Phase | Begins in Karachi and Lahore |
| Primary Goal | Financial inclusion, transparency |
Pilot Phase in Karachi and Lahore
The SBP will launch the program’s pilot phase in Karachi and Lahore, where approximately 300,000 beneficiaries will be onboarded. This trial run will allow the authorities to assess the system and implement necessary improvements before expanding to other regions. The SBP aims to create a smooth and efficient payment process, addressing any potential issues that arise during this initial phase.
Secure Payments via RAAST and IBFT
Payments to the newly opened BISP Sahulat Accounts will be processed through RAAST and IBFT, two highly secure and efficient digital payment systems. These platforms are designed to facilitate real-time, fast transfers, reducing the risks associated with cash-based payments. This shift to a digital transaction method promises to enhance transparency and minimize delays in fund transfers.
Training for Beneficiaries on Bank Usage
To further aid beneficiaries, many of whom may lack familiarity with banking services, the designated banks will provide training sessions. These sessions will cover essential topics such as account management, ATM usage, and PIN activation. By ensuring that all beneficiaries can independently manage their accounts, the SBP seeks to promote financial literacy among the underserved population.
Additionally, there will be no fees for opening or maintaining these accounts. However, beneficiaries will be responsible for replacing lost or expired ATM cards.
Conclusion
The launch of the BISP Sahulat Accounts framework marks a significant step toward ensuring a smoother, safer payment process for over 9 million beneficiaries. By introducing digital transfers, this initiative is expected to enhance transparency, security, and financial inclusion, particularly benefiting women. Starting in Karachi and Lahore, the program will soon expand nationwide, providing much-needed financial autonomy to BISP beneficiaries across Pakistan.