SBP Payment Framework: 9.3M beneficiaries can open Account In BISP Sahulat
A recent update for all BISP beneficiaries receiving monthly support from the 8171 Kafalat and Taleemi Wazaif through the BISP Camps or Retail Shops is that they no longer have to deal with the challenges encountered during payment transactions. A new payment framework has been announced by the SBP for BISP beneficiaries through BISP Sahulat Accounts so that the monthly stipend can be transferred directly to the beneficiary’s account.
BISP Beneficiaries Get A New Payment Framework From SBP
By establishing a framework for onboarding Benazir Income Support Programme (BISP) clients, the State Bank of Pakistan (SBP) enables beneficiaries to receive social welfare payments into their bank accounts.
بینظیر انکم سپورٹ پروگرام (بی آئی ایس پی) کے کلائنٹس کو آن بورڈ کرنے کے لیے ایک فریم ورک قائم کرکے، اسٹیٹ بینک آف پاکستان سے فائدہ اٹھانے والوں کو ان کے بینک اکاؤنٹس میں سماجی بہبود کی ادائیگیاں حاصل کرنے کے قابل بناتا ہے۔ اسٹیٹ بینک کے مطابق فریم ورک کی تیاری کے دوران بینکوں اور بی آئی ایس پی سے مشاورت کی گئی۔ یہ نیا بینکنگ سسٹم بی آئی ایس پی ادائیگی کے عمل کو مزید شفاف بنانے کے لیے متعارف کرایا گیا ہے اور بی آئی ایس پی سے مستفید ہونے والوں کو اپنے اکاؤنٹس کے ذریعے مکمل ادائیگی کی وصولی کی اجازت دیتا ہے۔ ۔
The new banking system, which has been introduced to make the BISP Payment Process more transparent, allows BISP Beneficiaries to recover the full payment through their bank accounts, according to the SBP.
9.3 million beneficiaries can be open their account in Bisp Sahulat
As per the recent update from the State Bank of Pakistan, they plan to establish bank accounts for all BISP beneficiaries who have enrolled for their monthly wazaif. This initiative will allow women to conveniently access their funds anytime and anywhere. It is a significant move that will benefit 9.3 million women through the BISP Sahulat Account Program. Under this program, eligible women can open accounts at their nearest banks and withdraw their payments directly from them.
It is possible for approximately 9.3 million BISP beneficiaries to open a “BISP Sahulat Account” in just one visit to the local bank branch that has been designated.
A pilot phase of the framework will be implemented in Karachi and Lahore
Because of the enormous number of beneficiaries, the framework will be implemented gradually. About 300,000 beneficiaries of the BISP will be onboarded during the first trial phase, which will take place in Karachi and Lahore. After the pilot phase has been successfully completed, the scope of the framework will be expanded in consultation with BISP to additional cities.
According to the SBP, “the framework is expected to enhance women’s financial inclusion, promote the digitization of financial services, and facilitate the efficient and transparent distribution of social welfare payments to BISP beneficiaries”.
BISP will disburse payments via RAAST/IBFT
Following the arrangement made specifically for this purpose, the SBP has requested that banks and microfinance banks open accounts for BISP beneficiaries, so that the beneficiaries can receive the cash directly into their bank accounts. BISP beneficiaries’ onboarding will be piloted in Karachi and Lahore using this framework.
Following the pilot phase, the framework will be expanded to include additional cities, with any necessary revisions made. The money will be deposited into these accounts by the BISP through RAAST/IBFT.
Activation training for BISP beneficiaries
For those unfamiliar with the process, opening a bank account or receiving cash through ATM/Banks from the BISP can be complex. This is especially true for illiterate women living in poverty. To ease the burden for BISP beneficiaries, banks will conduct training programs for their employees to assist with account and ATM PIN activation, as well as the subsequent payout process. The BISP will reimburse all costs associated with creating and maintaining accounts, including issuing ATM cards, so beneficiaries will not face any additional fees.
A BISP account holder, however, will not receive checkbooks from the banks, nor will they have access to online or mobile banking. Instead, they will have to pay the cost of issuing a duplicate or replacement debit or ATM card before it expires.
In conclusion
With the new BISP Sahulat Account framework, beneficiaries will be able to receive their monthly stipends directly into their bank accounts, simplifying the payment process for 9.3 million beneficiaries. As part of this initiative, which will be piloted in Karachi and Lahore, financial inclusion for women will be enhanced and funds will be distributed transparently and efficiently.