BISP recognized as largest financial inclusion programme

BISP beneficiaries to receive payments through biometric verification

ISLAMABAD, Sept. 30 (APP): Benazir Income Support Programme is recognized as largest financil inclusion programme in the world, with interest of many states to initiate their safety nets programme on the same model.

According to a press release issued here Friday, Chairperson BISP Marvi Memon has said that BISP was not only key to financial inclusiveness but also to literacy as well.

Speaking at “International Symposium: the contribution of
conditional cash transfer programs to the creation of Social
Protection System with rights-based approach”, she said investing in women economic empowerment sets a direct path towards poverty alleviation and financial inclusiveness.

The moot was arranged by Ministry of Social Development and National Coordination of PROSPERA Programme de Inclusion Social with the support of World Bank at Mexico City, Mexico.

Marvi Memon highlighted that BISP has contributed a lot to the financial inclusion of the poorest of the poor population of Pakistan in line with the overall financial inclusion strategy of Finance Minister Senator Ishaq Dar.

“BISP is key to financial inclusiveness and literacy in Pakistan”.

Some 5.3 million BISP beneficiaries are paid through technology based mechanisms backed with branchless banking accounts.

Speaking on the occasion, Chairperson BISP said that timely delivery of cash in a predictable manner using state of the art technology through 15000 touch points across the country has become a major contribution to the financial inclusion of the poorest.

BISP started its payments through Pakistan Post Office, moved to debit card, mobile banking and now is shifting its payments to biometrics payment system.

BISP is also moving to level 0 accounts that are completely regulated by State Bank of Pakistan and would provide various features conducive to the financial inclusive activities.

Memon said the BISP experience of different payment modes was the full circle in terms of building blocks for financial inclusion. She added that financial literacy trainings by BISP have brought a positive change in lives of its beneficiaries.

Once without the national identity card, BISP beneficiaries now have their own bank accounts and can use ATM and other cash withdrawal mechanisms easily besides using these identity cards for various other financial and business activities.

BISP trains women leaders that further impart training to other beneficiaries through more than 50,000 BISP Beneficiary Committees (BBCs).

With biometric payments, interest free loans and E-commerce a new world of financial inclusion and reduction in abject poverty is the future of BISP beneficiaries. Marvi called this financial inclusion revolution a game changer for Pakistan’s economy.

Memon was speaking at a panel of speakers from different Latin American countries on financial inclusion on second day of conference.

The response from the audience was overwhelming as they appreciated that initially Pakistan had learnt its safety net model from these countries but in last few years it was in a position to share its success stories with those it had earlier learnt from.

She appreciated the encouragement from Latin American countries.