BISP Kafaalat Program Expands Bank Partnerships for Beneficiaries

The Benazir Income Support Programme (BISP) is a vital initiative in Pakistan aimed at providing financial assistance to low-income families. Established to alleviate poverty, the program has been a lifeline for millions of households across the country. Recently, BISP has made a significant improvement to its Kafaalat Program, which is designed to support families in need. This enhancement involves expanding the list of partner banks that facilitate the withdrawal of quarterly installments.

Previously, beneficiaries of the BISP Kafaalat Program had to rely on just two banks for their financial transactions. However, in response to numerous complaints regarding the difficulties faced in accessing funds, BISP has now partnered with six banks. This expansion means that the 9.3 million households enrolled in the program will have more options for withdrawing their quarterly installment of Rs 10,500. The new banks include Bank Al Falah, Bank of Punjab, Mobilink Microfinance, Telenor Microfinance Bank, Habib Bank Limited, and HBL Microfinance. With their extensive ATM networks, these banks will ensure that beneficiaries can access their funds more conveniently.

As of now, BISP supports over 9.3 million families, and there are plans to increase this number to 10 million by next year. This is a commendable effort to reach even more families who require assistance. Furthermore, starting in January 2025, the quarterly installment amount will rise from Rs 10,500 to Rs 13,500. This increase will provide additional support to those who are struggling to make ends meet.

The decision to collaborate with multiple banks is a positive step towards improving the overall experience for beneficiaries. With ATMs available throughout Pakistan, families enrolled in the BISP Kafaalat Program will find it easier to withdraw their funds without facing long queues or limited access. This change not only enhances convenience but also empowers families to manage their finances more effectively.

The expansion of the BISP Kafaalat Program's partner banks is a welcome development for millions of families in Pakistan. By increasing the number of banks and raising the installment amount, BISP is taking significant strides towards alleviating poverty and improving the quality of life for its beneficiaries. As the program continues to evolve, it is essential for the government to maintain its commitment to supporting those in need, ensuring that every family has the opportunity to thrive.