BISP to Launch Branch Banking Model Next Month for Faster Disbursements

The Benazir Income Support Program (BISP) is set to launch a pilot project, transitioning to a branch banking model aimed at streamlining disbursements. Initially, the program will roll out in metropolitan areas, with plans to gradually extend its reach to rural regions, ensuring efficient and accessible support for all beneficiaries.

This was disclosed today at a meeting of the Poverty Reduction Committee of the National Assembly. The main goal was to transfer the program to a disbursement mechanism that is dependent on banks so that recipients could receive their payments more quickly.

BISP Enables Nationwide Fund Access, Ensures Rural Support

A bank account will be opened in the name of each recipient and they will be able to access their funds immediately from bank branches, according to the BISP secretary. Beneficiaries would have the ability to access their funds at any bank nationwide, according to the committee’s information. The majority of the nation’s 17,000 bank branches are situated in major cities, which is inconvenient for those in rural areas who might benefit from their services. Although officials were aware of the challenges, they promised to keep using point-of-sale operators to help people in rural areas obtain their money.

In order to cut down on human error and maximize efficiency, the committee stressed the need to automate the BISP system. According to them, it would make the disbursement process go more smoothly and faster.

In a similar matter, it was decided that special cards would be issued to 130,000 women in January 2025 whose biometric data had not been previously recognized. Their payments could be more easily accessed in this way.

In January 2025, the new BISP banking model will launch its trial project, which is scheduled to end in March of the same year. The project will target metropolitan regions first, and then expand to include beneficiaries in rural areas.

The new banking plan is meant to help all BISP recipients, but it focuses on making it easier for people in poor, rural areas to get bank accounts. At the meeting, there were also concerns raised about the BISP executives’ lack of responsibility.