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LAHORE: The Bank of Punjab (BOP), a leading public sector bank with the largest touch points nationwide, is proud to announce a significant partnership with the Benazir Income Support Program (BISP), aimed at facilitating the efficient disbursement of cash grants to BISP beneficiaries across Pakistan.

The agreement, marking a crucial milestone in our commitment to supporting socio-economic development and financial inclusion nationwide, was signed on February 21st, 2024, at the BISP headquarters in Islamabad. BOP has become the first public sector bank who will provide service to BISP.

The signing ceremony, graced by esteemed dignitaries including Dr.Amjad Saqib, Chairman of BISP; Amer Ali, Secretary of BISP; Zafar Masud, President & CEO the Bank of Punjab; Nofel Daud, Chief Digital Officer of BOP; and Imran Ashraf, Head of Digital Banking, Bank of Punjab, along with other senior executives of BISP & BOP, underscored the collective resolve to enhance the welfare and empowerment of BISP beneficiaries.

Under this collaboration, BOP will extend its services to serve BISP beneficiaries not only through its extensive branch network but also through ATMs, partner banks, and agent networks across all provinces of Pakistan. BOP will serve approximately 2 million beneficiaries, including 190K beneficiaries across 15 districts of Balochistan, over 193K beneficiaries across 8 districts of Punjab, 215K beneficiaries across 3 districts of Khyber Pakhtunkhwa (KPK), and over 459K beneficiaries across 5 districts of Sindh. Through our multi-channel approach, combining branch banking, digital platforms, and strategic partnerships, BOP is poised to ensure seamless and timely distribution of cash grants to eligible recipients.

Zafar Masud, President of Bank of Punjab, emphasized BOP’s unwavering commitment to social responsibility and its significant presence in all provinces of Pakistan. “As a leading financial institution deeply rooted in communities across Pakistan, BOP is honoured to partner with BISP in their mission to alleviate poverty and promote financial inclusion. This collaboration underscores our dedication to driving positive social impact and empowering individuals and families to build a better future.”

BISP, Pakistan’s flagship social safety net program, plays a vital role in mitigating poverty and enhancing the well-being of vulnerable segments of society. By leveraging BOP’s extensive reach and expertise in financial services, BISP aims to enhance the efficiency and effectiveness of cash transfers, ultimately empowering beneficiaries to improve their livelihoods and pursue their aspirations.

As part of our commitment to transparency and accountability, BOP will adhere to stringent operational protocols and regulatory standards in the disbursement process. Additionally, we will deploy robust monitoring mechanisms to ensure the integrity and security of every transaction, safeguarding the interests of both BISP and its beneficiaries.

This collaboration exemplifies BOP’s dedication to driving inclusive growth and prosperity across Pakistan. Through strategic partnerships and innovative solutions, we remain steadfast in our mission to build a more prosperous and equitable future for all Pakistanis.

Copyright Business Recorder, 2024

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