BISP Opens 10 Million Bank Accounts

The Benazir Income Support Program (BISP) is revolutionizing the way it supports its 10 million beneficiaries. The program has opened bank accounts for everyone, including the elderly, making it easier and faster to access benefits.

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Key Takeaways:

BISP now opens bank accounts for 10 million beneficiaries.
New system offers direct access to funds through banks.
Special cards will help 130,000 women with thumb verification issues.
Pilot projects aim for smoother, more accessible payments.
Bank accounts and POS agents improve cash distribution.

BISP’s New Initiative: Bank Accounts for All

In a recent National Assembly meeting, BISP officials confirmed that they are rolling out bank accounts for all their beneficiaries. This move eliminates the need for long travels and long waiting times, as beneficiaries can now access their funds directly from banks. The BISP Secretary called this initiative a “significant achievement,” noting that it enhances convenience and transparency.

This system is being tested in seven districts under a “beneficiary-centric payment model.” The goal is to evaluate its effectiveness in urban areas before expanding nationwide. This pilot program will run for three months, aiming to enable beneficiaries to withdraw funds from any bank branch across the country.

Addressing Challenges: Special Cards for Women

BISP also announced a solution for the 130,000 women who currently face difficulties with thumb verification. Starting in January 2024, these women will receive special cards that will allow them to withdraw their BISP payments without any hassle. This ensures that no one is left behind due to verification problems.

BISP کی جانب سے 10 ملین اہل خواتین کے لیے بینک اکاؤنٹس کھولنے کا اعلان!

Overcoming Payment Disparities

One major challenge in the BISP system is the unequal distribution of banking infrastructure. While most BISP beneficiaries live in rural areas, Pakistan’s 17,000 bank branches are mostly located in urban centers. To solve this problem, BISP plans to use Point-of-Sale (POS) agents to facilitate cash payments in rural regions. This will allow beneficiaries in remote areas to access their funds more easily.

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Transparency and Automation

Chairman Mir Ghulam Ali emphasized that full automation of the BISP system is crucial for ensuring transparency and efficiency. By modernizing the payment process, BISP aims to make the system more reliable, reducing errors and delays.

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FAQs

How does the new BISP system work for beneficiaries?

BISP has opened bank accounts for all beneficiaries, allowing them direct access to their funds through bank branches.

What’s the pilot project about?

The pilot project is being tested in seven districts to assess the new payment system, aiming for wider implementation.

How will special cards help women beneficiaries?

Women facing thumb verification issues will receive special cards, allowing them to withdraw their payments easily.

What about beneficiaries in rural areas?

POS agents will facilitate cash payments for beneficiaries living in rural areas where banking infrastructure is limited.

Why is automation important for BISP?

Automation ensures transparency, reduces errors, and makes the system more efficient and reliable for beneficiaries.

Conclusion

The latest updates from BISP show a significant shift towards making cash disbursement more accessible, efficient, and transparent. With bank accounts for all beneficiaries and special cards for women with verification issues, BISP is paving the way for a smoother and more inclusive distribution system. The introduction of POS agents will also help address the challenges posed by rural and urban infrastructure gaps.