During the festive Eid Ul Fitr holiday, the Benazir Income Support Program (BISP) initiated a significant effort to enhance accessibility and transparency. This initiative, aimed at providing financial aid to the most vulnerable members of society, has expanded its payment system from two to six commercial banks. This expansion is projected to benefit 9.3 million individuals through its Kafalat program. Let’s delve into this transformative step towards financial inclusion and empowerment. This initiative, which aims to provide financial support to the poorest members of society, has increased its payment system from 2 to 6 commercial banks. This development is expected to help 9.3 million people through the sponsorship program. Let’s take a closer look at this game-changing move towards financial inclusion and empowerment.
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During the signing ceremony between BISP and the selected banks, Amer Ali Ahmed, Secretary of BISP, announced the inclusion of six banks in the Kafalat program. These banks include Telenor Microfinance Bank, Bank Alfalah, Mobilink Microfinance Bank, Bank of Punjab, Bank of Punjab, and HBL Microfinance Bank.
Banks for Benazir Kafalat Programme
This was said by BISP Secretary Aamir Ali Ahmed during the agreement between BISP and appropriate banks. The six banks that will now receive stipends are:
- Telenor Microfinance Bank
- Alfa Bank
- D. Mobilink Microfinance Bank
- Aflah Bank, Bank of Punjab
- Punjab Bank
- Habib Bank Limited HBL Small Loans Bank
Main Features of the Payment System
- Enhanced Service Coverage: Previously, quarterly stipends were only accessible through Bank Alfalah and Habib Bank. However, with the addition of six new institutions, beneficiaries now have broader access to financial services.
- Cost Savings: Secretary BISP anticipates annual savings of two billion rupees due to increased competition among banks participating in the program.
- Improved Clusters and Service Provision: To streamline service delivery and enhance distribution efficiency, 15 clusters have been established along with the involvement of six banks.
Quick Details Table
| Topic | Detail |
|---|---|
| Banks for Benazir Kafalat Program | Recipients can now access payments from six banks: Telenor Microfinance Bank, Bank Alfalah, Mobilink Microfinance Bank, Bank of Punjab, and HBL Microfinance Bank. |
| Main Features of Payment System | – Enhanced Service Coverage – Cost Savings – Improved Clusters and Service Provision |
Conclusion
Amidst the joyous celebrations of the Eid Ul Fitr holiday, the Benazir Income Support Programme (BISP) has undertaken a significant endeavour to enhance accessibility and transparency within its operations. This initiative, which is dedicated to providing crucial financial support to the most vulnerable segments of society, has recently undergone a substantial expansion of its payment system. From a previous arrangement involving just two commercial banks, the programme has now broadened its reach to include six reputable banking institutions. This strategic move is anticipated to extend assistance to approximately 9.3 million individuals through its flagship Kafalat programme.
The development of a payment mechanism for Benazir Kafalat cash duties is an important step towards financial inclusion and empowerment of vulnerable people. BISP’s collaboration with commercial banks promotes transparent and efficient delivery of financial assistance, which ultimately contributes to the socio-economic development of Pakistan.