BISP Sahulat Account Launched for Over 9 Million Beneficiaries

The State Bank of Pakistan (SBP) has introduced BISP Sahulat Account aimed at enhancing the accessibility of financial assistance for beneficiaries of the Benazir Income Support Programme (BISP).

Under this initiative, approximately 9.3 million BISP beneficiaries will have the opportunity to open a BISP Sahulat Account with ease, directly credited with financial aid into their bank accounts.

Key Highlights of the Framework:

A. Onboarding of BISP Beneficiaries:

• Banks will receive account opening information securely from BISP, including beneficiary details such as full name, CNIC number, and residential address.
• Screening against designated lists will be conducted before creating accounts, ensuring compliance with regulatory requirements.
• Accounts will be generated in designated branches, with IBANs shared securely with BISP for fund disbursement.

B. Accounts/ATM Activation and Disbursement:

• Beneficiaries will activate their accounts through Biometric Verification (BV) with liveness checks at relevant branches.
• Pre-activated PayPak cards (serving as debit and ATM cards) will be provided to beneficiaries, with PIN generation facilitated during account activation.

C. Accounts Operations:

• During the pilot phase, beneficiary accounts will primarily serve for receiving BISP disbursements.
• All associated costs will be covered by BISP, ensuring no financial burden on beneficiaries.

D. Facilitation and Support:

• Banks will establish dedicated functions for ongoing coordination with BISP, ensuring swift issue resolution and support.
• Training programs will be conducted to facilitate beneficiaries during account and ATM PIN activation processes.
• Mechanisms for timely complaint resolution and round-the-clock customer support services will be in place.

This facilitation framework, developed in consultation with BISP and banks, aims to streamline the disbursement of social welfare payments, promote financial inclusion, and accelerate the digitization of financial services.

Through collaborative efforts, SBP and stakeholders endeavor to ensure transparent, efficient, and accessible financial assistance for BISP beneficiaries across the nation.