Eid Payments: 6 Banks Through Which You Get 10500 Benazir Kafalat Cash

In a bid to enhance accessibility and transparency, the Benazir Income Support Programme (BISP) has undertaken a significant initiative during the Eid Ul Fitr Holidays. The program, aimed at providing financial assistance to the vulnerable segments of society, has expanded its payment system from two to six commercial banks. This expansion is set to benefit 9.3 million beneficiaries under its Kifaalat Programme. Let’s delve into the details of this transformative step towards ensuring financial inclusion and empowerment.

6 Banks For Benazir Kafaalat Payment

Secretary BISP, Amer Ali Ahmed, made this announcement during the agreement signing ceremony between BISP and the relevant banks. The six banks through which the Kifaalat beneficiaries will now receive stipends include:

1. Bank Afalah
2. Bank of Punjab
3. Mobilink Microfinance Bank
4. Telenor Microfinance Bank
5. Habib Bank Limited
6. HBL Microfinance Bank

Key Benefits of the New BISP Banking Payment System

• Enhanced Service Coverage: Previously, quarterly stipends were limited to Bank Alfalah and Habib Bank. With the inclusion of six additional banks, beneficiaries now have increased accessibility to financial services.
• Cost Savings: Secretary BISP highlighted that the program anticipates saving two billion rupees annually due to the competition introduced through the new payment system.
• Improved Clusters and Service Provision: The introduction of 15 clusters and six banks aims to streamline service provision and ensure a more efficient disbursement process.

Also Read: 74 Lacs Families Received their BISP 10500 Installment

The partnership between BISP and the six banks underscores a collective commitment towards uplifting the socio-economic conditions of marginalized communities. Chairperson BISP, Dr. Amjad Saqib, emphasized the importance of collective responsibility in bringing about positive changes in the lives of beneficiaries. He stressed the need to serve with dignity and transparency, regardless of social status, reflecting a shared vision among all stakeholders.

Conclusion

The expansion of the payment system for Benazir Kafalat cash stipends represents a significant step toward financial inclusion and empowerment of marginalized communities. Through partnerships with commercial banks, BISP aims to ensure transparent and efficient delivery of financial assistance, ultimately contributing to the socio-economic development of Pakistan.