BISP Modernises Support System with 10 Million New Digital Bank Accounts
Here is a new development in the BISP Old Payment system where the Beneficiaries will get the new and latest Digital Bank Accounts so that all their monthly installment can be taken easily through any partner Banks ATM.
This process will enhance and revolutionize the old payment disbursement procedure through retail personnel and will increase the efficiency and transparency of the BISP Support system.
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10 Million New Digital Bank Accounts For Beneficiaries
10 million digital bank accounts have been opened by the Benazir Income Support Program (BISP), enabling recipients to safely withdraw money from any bank.
A persistent issue brought up by recipients, this reform relieves BISP beneficiaries of the burden of getting payments through a single designated agent. This was revealed by the deputy governor of the State Bank of Pakistan during a briefing for the Ghulam Ali Talpur-chaired Standing Committee on Poverty Alleviation of the National Assembly.
When & How The Accounts Will Start?
Although all 10 million accounts have been opened, the deputy governor told the committee that they will only become active gradually once recipients start to take their money out.
He emphasized that these accounts are standard bank accounts with all the banking features, enabling recipients to deposit and receive money in addition to withdrawing it.
Beneficiaries No Longer Have To Face Deduction
Beneficiaries would no longer have to deal with the difficulties of cash collection through agents, the SBP deputy governor noted, even though they will now be subject to bank fees of between Rs100 and Rs200 every withdrawal.
Although the shift is already in motion, BISP Chairperson Rubina Khalid noted during the meeting that women may initially encounter some challenges with digital payments.
BISP Account-opening Process Starting Within 4 Months
The prime minister gave the BISP secretary four months to finish the account-opening procedure, which has now been accomplished. The phase of digital transactions should be fully operational in six months, he noted.
In order to guarantee smooth online transactions, BISP is now collaborating with six partner banks and striving to integrate each of them with the 1LINK network.
The BISP chairperson acknowledged that there might be initial implementation challenges with the move to digital transactions.
According to a BISP official who spoke to Wealth Pakistan under condition of anonymity, payments were previously sent through banks, who then designated regional shops to distribute the money.
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Why The Opening Of New BISP Accounts Are Important?
Women who received benefits had to go to these stores, have their identities confirmed by biometrics (thumb imprints), and then pick up their money.
This outdated system had a number of problems. Reports of abuse occasionally surfaced, such as instances in which women were exploited or only partially compensated. After shops make unauthorized deductions, a recipient who was entitled to Rs 20,000 may only receive Rs 15,000 or Rs 18,000 instead.
The source added that there were lengthy lines, delays, and a great deal of inconvenience during the procedure.
According to the BISP official, women will have complete access to contemporary financial services through this system, including safe cash withdrawals straight from their bank accounts, online payments to family members or other recipients, bill payment, and microfinance services akin to JazzCash and Easypaisa.
Beneficiaries Direct Access For Payment Withdrawal
With this reform, women recipients will no longer need to rely on merchants or middlemen to get their money, which is a significant step towards the prime minister’s goal of a cashless economy.
According to the official, regional workers have already attended training sessions, and the new payment method will be implemented during the current payout cycle.
Conclusion
The launch of 10 million digital bank accounts under BISP marks a major shift towards transparency and convenience. Beneficiaries, especially women, will now have direct access to their payments without depending on agents or facing deductions. While some initial challenges may arise, this reform is a big step toward modern banking, financial inclusion, and building a cashless economy in Pakistan.
