In a landmark move towards financial inclusivity and efficiency, the State Bank of Pakistan (SBP) has introduced a revolutionary framework aimed at integrating approximately 9.3 million beneficiaries of the Benazir Income Support Programme (BISP) into the banking system. This initiative, unveiled recently, not only streamlines the process of social welfare payments but also empowers beneficiaries by providing direct access to financial services through Sahulat Accounts.
What is the BISP Sahulat Account?
The Sahulat Account is a specialized banking facility tailored to meet the unique needs of BISP beneficiaries. Through this account, recipients can seamlessly receive social welfare payments directly into their bank accounts, eliminating intermediaries and ensuring transparent disbursement.
Facilitation Framework Unveiled by SBP
The SBP, in collaboration with BISP and banks, has designed a comprehensive facilitation framework to facilitate the onboarding process of BISP beneficiaries into the banking system. Here’s how it works:
- Single Visit Account Opening: Beneficiaries can open a BISP Sahulat Account in a single visit to designated bank branches within their vicinity.
- Phased Implementation: Given the substantial number of beneficiaries, the framework will be implemented in phases, starting with a pilot phase in Karachi and Lahore.
- Enhanced Financial Inclusion: The framework aims to enhance women’s financial inclusion and promote the digitization of financial services by facilitating direct payments to beneficiaries’ bank accounts.
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The onboarding process of BISP beneficiaries involves several steps, to ensure security and efficiency:
Onboarding Process for BISP Beneficiaries Data Collection
- Data Collection: BISP provides banks with beneficiary information, including full name, CNIC number, date of birth, and residential address.
- Security Screening: Banks screen beneficiary particulars against designated lists to ensure compliance with anti-terrorism regulations.
- Account Creation: Banks create accounts for beneficiaries in designated branches and generate international bank account numbers (IBANs).
- Disbursement of Funds: BISP disburses funds into beneficiary accounts through RAAST, an instant payment system.
- Account Activation: Beneficiaries visit the branch for biometric verification and account activation.
Will beneficiaries incur any charges for maintaining their Sahulat Accounts?
During the pilot phase, accounts will be limited mandate primarily for receiving disbursements, with the possibility of normal operations in the future.
Conclusion
The introduction of Sahulat Accounts marks a significant milestone in Pakistan’s journey towards financial inclusion and empowerment. By providing BISP beneficiaries with direct access to banking services, the framework not only ensures efficient disbursement of social welfare payments but also lays the foundation for broader financial inclusion and digitization initiatives.
In summary, the SBP’s facilitation framework represents a paradigm shift in social welfare delivery, promising a more transparent, secure, and accessible system for millions of vulnerable individuals across the country.