April 08, 2024 (MLN): The State Bank of Pakistan has issued a framework to onboard the Benazir Income Support Program (BISP) Beneficiaries for receiving the social welfare payment into their accounts to be opened in all banks and MFBs across the country.
According to a notice issued by the Banking Policy & Regulations Department of SBP, the facilitation framework has been developed in consultation with the BISP and banks.
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.
Post-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.
The detailed framework can be accessed at SBP's website.
