Thu. Nov 21st, 2024
SBP Introduces New Payment Framework for BISP BeneficiariesSBP Introduces New Payment Framework for BISP Beneficiaries

Last Updated on: 9th September 2024, 07:23 am

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Good news for those receiving support from the Benazir Kafaalat and Taleemi Wazaif programs. The State Bank of Pakistan (SBP) has introduced a new system to make getting your monthly payments more manageable. The challenges you’ve been facing during payments at BISP campsites or retail shops should soon be a thing of the past. Payments will now be transferred directly into your accounts through the newly established BISP Sahulat Accounts.

SBP Introduces New Payment Framework for BISP Beneficiaries

SBP Introduces New Payment Framework for BISP Beneficiaries

The SBP has introduced a framework that allows Benazir Income Support Programme (BISP) beneficiaries to receive their payments directly into bank or microfinance bank accounts. This system, developed in consultation with banks and BISP, aims to bring greater transparency to the payment process and ensure beneficiaries receive the complete amount due to them.

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Banks Allow 9.3 Million Beneficiaries to Open BISP Sahulat Accounts

The SBP has announced that 9.3 million BISP beneficiaries will soon be able to open bank accounts where their monthly installments will be deposited. This change will allow women to get their installments anytime, anywhere, through their nearest bank branches.

Beneficiaries can open a “BISP Sahulat Account” with just one visit to the nearest local bank branch. The new system will make sure that the accounts are opened close to where the beneficiaries live.

Also Read: BISP Ongoing Dynamic Survey Registered 35 Million People At The Tehsil Offices

The first Phase of the SBP Payment Framework Begins in Karachi and Lahore

Given the large number of beneficiaries, the SBP payment framework will be implemented in stages. The initial phase will focus on onboarding about 300,000 beneficiaries in Karachi and Lahore. Once the first phase is completed, the program will be rolled out to other cities based on further discussions between SBP and BISP.

The SBP stated that this initiative will not only increase financial inclusion for women but will also promote the digitization of financial services, ensuring that BISP payments are distributed more efficiently and transparently.

Payments to be Distributed Through RAAST/IBFT

Under this new arrangement, banks and microfinance institutions have been instructed to open accounts for BISP beneficiaries. The beneficiaries will receive their payments directly into these accounts. The first phase will start in Karachi and Lahore. Once the initial phase is successful, the program will expand to other areas with necessary adjustments.

Also Read: The Current Phase of The BISP Dynamic Survey Will Last Till December

Banks Offer Training to BISP Beneficiaries for Account Activation

Opening a bank account or withdrawing funds via ATM can be challenging, especially for those who are not familiar with the process. To help, banks will offer training programs to guide beneficiaries through account activation, ATM usage, and the withdrawal process. The banks will cover the costs for account setup, ATM card issuance, and maintenance, providing a sense of relief and convenience for the beneficiaries.

However, if a replacement debit or ATM card is needed before its expiration, the beneficiary will be responsible for the cost. Checkbooks, online banking, and mobile banking services will not be available for these accounts.

Also Read: 80% of Islamabad Families Join BISP Through the Kafaalat Programme

Last Words

The introduction of the BISP Sahulat Account framework is set to simplify the payment process for 9.3 million beneficiaries, making it easier for them to receive their payments directly through bank accounts. Starting with a pilot in Karachi and Lahore, this initiative is expected to improve women’s financial condition and ensure that payments are handled more transparently and efficiently.

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