SBP unveils new framework for BISP beneficiaries

Aims to provide direct crediting of financial assistance through all banks, MFBs nationwide

KARACHI:

The State Bank of Pakistan (SBP) has introduced a facilitation framework aimed at providing direct crediting of financial assistance to beneficiaries enrolled in the Benazir Income Support Programme (BISP) into their bank accounts.

According to the SBP’s notification, the released framework is designed to facilitate the enrolment of BISP beneficiaries for receiving social welfare payments into newly opened accounts accessible through all banks and Microfinance Banks (MFBs) nationwide. This facilitation framework was collaboratively developed in consultation with both the BISP and various banks.

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Under the framework, about 9.3 million BISP beneficiaries will be able to open a “BISP Sahulat Account” in a single visit to the designated bank branch within their vicinity. The BISP has mapped its beneficiaries with a bank branch in the vicinity of the beneficiaries. However, given the large number of beneficiaries, the framework will be implemented in phases.

Initially, a pilot phase will be run in Karachi and Lahore for on-boarding about three hundred thousand (300,000) BISP beneficiaries. Post-successful implementation of the pilot phase, the framework coverage will be extended to other cities in consultation with BISP.

The arrangement is expected to facilitate disbursement of social welfare payments to BISP beneficiaries in an efficient and transparent manner, enhance women’s financial inclusion, and promote the digitisation of financial services, the SBP wrote.

Published in The Express Tribune, April 9^th, 2024.

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