During the Eid Ul Fitr holiday season, the Benazir Income Support Program (BISP) launched a substantial effort to improve accessibility and transparency. The initiative, which aims to provide financial support to the most disadvantaged members of society, has changed its payment system from two to six commercial banks. This expansion is expected to help 9.3 million people through its Kafalat program. Let's take a closer look at this game changer towards financial inclusion and empowerment.
Banks for the Benazir Kafalat program
Amer Ali Ahmed, Secretary, BISP, made the news during the signing ceremony between BISP and the respective banks. The six banks from which Kafalat recipients will now receive stipends are:
- Telenor Microfinance Bank
- Alfa Bank
- Mobilink microfinance bank
- Bank Afalah, Bank of Punjab
- Punjab Bank
- Habib Bank Limited HBL Microfinance Bank
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Main features of the BISP Bank Payment System
- Improved service coverage: Previously, quarterly stipends were restricted to Bank Alfalah and Habib Bank. Beneficiaries now have better access to financial services thanks to the entry of six new entities.
- Cost savings: According to Secretary BISP, the program expects to save two billion rupees annually as a result of the competition brought about by the new payment mechanism.
- Clusters and improved service delivery: The creation of 15 clusters and six banks aims to simplify the provision of the service and create a more efficient distribution procedure.
| topic | detail |
| Banks for the Benazir Kafalat program | Kafalat stipend beneficiaries can now receive payments from six banks: Telenor Microfinance Bank, Bank Alfalah, Mobilink Microfinance Bank, Bank of Punjab and HBL Microfinance Bank. |
| Main features of the payment system | – Improved service coverage: six new institutions have been added to improve access to financial services. – Cost savings: The program expects to save two billion rupees annually due to increased competition. – Clusters and improved service provision: 15 clusters and six banks aim to simplify the provision and distribution of services. |
Conclusion
The development of Benazir Kafalat's cash stipend payment mechanism is an important step towards financial inclusion and the empowerment of vulnerable populations. BISP's collaborations with commercial banks seek to promote transparent and effective delivery of financial assistance, ultimately contributing to the socio-economic growth of Pakistan.
Read also: Breaking News: Punjab Govt to Install Free Wi-Fi Hotspots in 516 Locations by 2024 (Latest Updates)
Frequently asked questions
What are the six banks in the Benazir Kafalat program?
- Telenor Microfinance Bank
- Alfa Bank
- Mobilink microfinance bank
- Bank Afalah, Bank of Punjab
- Punjab Bank
- Habib Bank Limited HBL Microfinance Bank
How will this expansion help the poor?
This expansion is expected to help 9.3 million people through its Kafalat program.
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