BISP beneficiaries to receive financial assistance directly into bank accounts: SBP

Karachi: State Bank of Pakistan, Monday, rolled out a facilitation framework to enable Benazir Income Support Program (BISP) beneficiaries receive financial assistance directly into their bank accounts.

The central bank, in a statement issued here, said that the facilitation framework has been developed in consultation with the BISP and banks and under the framework banks accounts of BISP beneficiaries will be opened in all banks and Micro Finance Banks across the country.

The decision has been taken to onboard BISP beneficiaries for receiving the social welfare payment into their accounts and 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 onboarding about 300,000 BISP beneficiaries and after successful implementation of the pilot phase, the framework coverage will be extended to other cities in consultation with BISP.

The framework is expected to facilitate disbursement of social welfare payments to BISP beneficiaries in an efficient and transparent manner, enhance women financial inclusion, and promote digitization of financial services.