Introduction to BISP’s New Banking Partnerships
The Government of Pakistan has partnered with six banks to enhance payment facilities for BISP beneficiaries. Previously, BISP provided various methods for beneficiaries to withdraw their money, ensuring a transparent and easy process. Now, with the new partnerships, BISP aims to provide quicker and more accessible financial assistance, especially to women, without any deductions.
The banks responsible for disbursing BISP payments include Bank Al Falah, Bank of Punjab, Mobilink Microfinance, HBL Limited, Telenor Microfinance Bank, and HBL Microfinance Bank. This initiative aims to simplify the process of receiving funds, ensuring that beneficiaries can access their money more easily.
Benefits of the New Payment System
Eligible beneficiaries can now access their BISP funds from any nearby bank, eliminating the need to travel long distances. This new system also spares them the hassle of standing in long lines, allowing them to receive their financial support without any deductions. The Benazir Income Support Program (BISP) provides cash assistance to poor and deserving families.
To further expand the program, Chairperson Rubina Khalid has announced the enrollment of 7 million new beneficiaries. In addition, to ensure the transparent distribution of funds, six new banks will partner with BISP starting with the next installments. This article provides complete details on how you can easily receive financial aid from the comfort of your home.
You may also read: Great News: Prime Minister Announces 1 Million Smartphones for Students 2024
Updated List of Banks Partnered with BISP
The Benazir Income Support Programme (BISP) has partnered with the following six banks to manage the distribution of payments:
- Bank Al Falah
- Bank of Punjab
- Mobilink Microfinance Bank
- Telenor Microfinance Bank
- Habib Bank Limited (HBL)
- HBL Microfinance Bank
Why BISP Payments Will Now Be Made Through Banks
The government has decided to distribute BISP funds through banks to ensure transparency and address the concerns of deserving women. By using banks for these payments, women will receive their financial assistance in full, without any deductions. This change aims to make it easier for women to receive their money and reduce the risk of fraud.
The main reason for using banks is to provide a simpler and more efficient way for people to access their funds. In the past, women often faced difficulties, including standing in long queues, only to be turned away due to overcrowding. With the new system, the government hopes to make the distribution process smoother and more accessible for all eligible women.
How to Collect Money Using BISP Devices
Eligible women can also receive their BISP assistance through dedicated devices. This method is straightforward and widely recognized, especially in rural areas. If you are unfamiliar with the process, it’s quite simple. Just visit any BISP retailer near you and ensure you have your valid National Identity Card (NIC) with you.
At the retailer, you will hand over your NIC to the representative, who will enter your NIC number into the device. Once your fingerprints are successfully verified, your money will be handed to you. If your fingerprints do not match, you will not be able to receive the payment and will need to visit a NADRA office for help.
You may also read: Get Ready! BISP Kafalat Payments Now Require Fingerprint Verification
Frequently Asked Questions
Which banks are partnered with BISP for payments?
Bank Al Falah
Bank of Punjab
Mobilink Microfinance Bank
Telenor Microfinance Bank
Habib Bank Limited (HBL)
HBL Microfinance Bank
How can beneficiaries receive their payments?
Beneficiaries can visit any BISP retailer or one of the six partner banks to collect their funds after verifying their National Identity Card and fingerprints.
What if fingerprints are not verified during the payment process?
If your fingerprints are not verified, you will need to visit a NADRA office for assistance.
Why did BISP partner with six banks?
The partnership aims to ensure a more transparent and efficient distribution of funds, prevent deductions, and reduce the burden on women, particularly in rural areas.
How will women benefit from this new payment system?
The system allows women to avoid long queues and travel to distant locations by enabling them to receive payments from nearby banks, making the process easier and faster.