Kifaalat Programme: BISP launches new payment system of stipends thru six banks

ISLAMABAD: Benazir Income Support Programme (BISP) has launched a new payment system, by increasing from two to six, the number of commercial banks for the payment of stipends to 9.3 million beneficiaries under its Kifaalat Programme.

Secretary BISP Amer Ali Ahmed announced this at the related agreement signing ceremony between BISP and the relevant banks on Wednesday.

The six banks through which the Kifaalat beneficiaries would receive stipends are: Bank Afalah, Bank of Punjab, Mobilink Microfinance Bank, Telenor Microfinance Bank, Habib Bank Limited and HBL Microfinance Bank, he informed.

Previously, the quarterly stipends to Kifaalat beneficiaries were paid through Bank Alfalah and Habib Bank only.

“This expansion signifies the introduction of wider service provider banks thus leading to greater transparency and facilitation in the BISP payment mechanism,” the secretary BISP stated.

BISP will annually save two billion rupees on account of competition introduced through this new payment system, he said.

There will now be 15 clusters and six banks providing services to BISP beneficiaries, the secretary added.

“With beneficiary awareness and a grievance redressal system created in collaboration with banks, we are poised to overcome challenges and achieve a more responsive system,” the secretary BISP said.

In his address, Chairperson BISP Dr Amjad Saqib emphasised the importance of collective responsibility towards uplifting the socio-economic conditions of the marginalised communities of the society. “We must perform our duties as human beings and citizens of Pakistan, regardless of social status. Through our love and respect for our women, we can bring about a positive change in their lives,” he said.

BISP’s partnership with banks, he said, has “solidified the commitment of all parties involved to the mission of serving the most vulnerable members of society with dignity and transparency.”

Director General National Socio-Economic Registry (NSER) at BISP Naveed Akbar and senior officials of the six banks signed the related agreements.

Copyright Business Recorder, 2024