State Bank of Pakistan launches BISP Sahulat Accounts for beneficiaries

The State Bank of Pakistan (SBP) has announced a new framework aimed at facilitating the Benazir Income Support Program (BISP) beneficiaries in receiving their social welfare payments. This initiative involves the opening of 'BISP Sahulat Accounts' for approximately 9.3 million beneficiaries across the country. The framework, developed in collaboration with BISP and various banks, allows beneficiaries to open these accounts in a single visit to designated bank branches in their vicinity.

To kickstart the implementation, a pilot phase will be conducted in Karachi and Lahore, targeting around 300,000 BISP beneficiaries initially. Following the successful execution of the pilot phase, the framework will be expanded to include other cities in coordination with BISP. The primary objective of this framework is to streamline the disbursement of social welfare payments, promote financial inclusion among women, and encourage the adoption of digital financial services.

By mapping BISP beneficiaries with nearby bank branches and introducing a simplified account opening process, the SBP aims to enhance the efficiency and transparency of social welfare payments. This initiative not only benefits the recipients by providing easier access to their entitlements but also contributes to the broader goal of advancing financial inclusion and digitalization in the country.

As the framework progresses beyond the pilot phase, it is expected to have a significant impact on the lives of millions of BISP beneficiaries by ensuring timely and secure disbursement of their welfare payments. The collaboration between SBP, BISP, and banks underscores a collective effort towards leveraging technology for social welfare delivery and empowering marginalized communities through financial inclusion.