SBP Launches BISP Sahulat Account for Over 9 Million Beneficiaries

The State Bank of Pakistan (SBP) has rolled out a facilitation framework for BISP Beneficiaries for crediting financial assistance directly into their bank accounts. Under the framework, about 9.3 million BISP beneficiaries will be able to open a “BISP Sahulat Account” in a single visit to the designated bank branch within their vicinity across the country. The BISP has mapped its beneficiaries with a bank branch in the vicinity of the beneficiaries. However, given the large number of beneficiaries, the framework will be implemented in phases. Initially, a pilot phase will be run in Karachi and Lahore for onboarding about three hundred thousand (300,000) BISP beneficiaries. Post-successful implementation of the pilot phase, the framework coverage will be extended to other cities in consultation with BISP. The framework is expected to facilitate the disbursement of social welfare payments to BISP beneficiaries efficiently and transparently, enhance women’s financial inclusion, and promote digitization of financial services. The facilitation framework has been developed in consultation with the BISP and banks aimed at providing ease to beneficiaries for receiving the social welfare payment into their accounts to be opened in all banks and MFBs across the country. SBP rolled out the facilitation framework for BISP Beneficiaries. Below are further details.