Last Updated on: 25th July 2024, 12:36 am
Benazir Income Support Program to be extended in 2024
One of the key changes in 2024 is the expansion of the Benazir Income Support Program (BISP) to one million more families, bringing the total number of beneficiaries to seven million. This is part of the government’s broader efforts to reduce poverty and social inequality by providing direct financial support to those who need it.
By extending coverage, BISP Kafaalat aims to reach a larger share of Pakistan’s poor population and extend the benefits of this social safety net to as many vulnerable families as possible. The move underscores the government’s commitment to address economic inequality and support those struggling to make ends meet.
Updating digital payment systems
To ensure beneficiaries receive payments securely and on time, BISP is improving its digital payment infrastructure. The new system will be integrated with the national banking network, allowing beneficiaries to receive funds directly into their bank accounts. This will reduce the risk of fraud and corruption and empower beneficiaries with better control over their finances.
Using modern financial technology, BISP aims to streamline the payment process, reduce administrative costs and minimise the risk of irregularities. Integration with national banking systems aims to improve transparency and efficiency, allowing beneficiaries to access their funds more easily and without delay.
Improved targeting mechanisms
BISP uses advanced data analytics and artificial intelligence tools to improve the targeting of your financial support. These technologies will enable the programme to more accurately identify families in urgent need of support. This data-driven approach will help eliminate inefficiencies and ensure resources are allocated to those who need them most.
Also Read: September 10,500 BISP Installment Announce for Beneficiaries
Using big data and artificial intelligence, BISP aims to refine its beneficiary selection process and ensure that only the families most deserving are supported. This improvement is critical to maximize the impact of the program and ensure that funds are used effectively to reduce poverty.
Introduce Conditional Cash Transfers (CCT)
In 2024, BISP will introduce Conditional Cash Transfers (CCT) to encourage positive behaviors among beneficiaries. For example, families will receive additional financial support if they ensure that their children attend school regularly and receive necessary vaccinations. This initiative aims to promote education and healthcare and address some of the root causes of poverty.
By linking financial support to specific social outcomes, BISP hopes to encourage behaviors that contribute to long-term economic and social development. This approach provides immediate financial assistance and encourages investment in human capital, which is critical for sustainable poverty reduction.
Also Read: Senator Rubina Khalid Announced Improvements in BISP Payment 2024
Strengthen monitoring and evaluation
To maintain the integrity and effectiveness of the program, BISP is improving its monitoring and evaluation mechanisms. The new framework includes regular audits, third-party evaluations, and feedback systems for beneficiaries. These measures will help ensure transparency and accountability and provide valuable information for continuous improvement.
By strengthening its monitoring capabilities, BISP aims to build trust with stakeholders and ensure that the program operates with the highest standards of integrity. The enhanced monitoring and evaluation framework will also facilitate the identification of best practices and areas for improvement and ensure that BISP continues to respond to the needs of beneficiaries.
Also Read: BISP Collaborates With JazzCash to Increase the Payment Gateways
Last Words
The 2024 updates to the Benazir Income Support Program represent a major milestone in Pakistan’s efforts to combat poverty and support its most vulnerable citizens. By expanding coverage, improving payment systems, and leveraging technology, BISP is poised to make a greater impact than ever before.
The introduction of conditional cash transfers and strengthening monitoring mechanisms underscore the program’s commitment to providing financial support and promoting long-term social and economic development.