BISP’s New Payment System to Save Rs 2 Billion

Thu Feb 29 2024
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ISLAMABAD: The Benazir Income Support Program (BISP has implemented a new payment system to benefit its recipients and also save of Rs 2 billion, local media reported on Thursday.

This initiative involves partnering with six banks to streamline the disbursement process for its 9.3 million beneficiary households. Previously, the program relied on the services of just two banks, whose contracts had ended. However, this recent expansion broadens the pool of service providers and enhances transparency within the system of BISP.

The primary objective of this new payment system is to alleviate the challenges faced by beneficiaries, ensuring they can access their quarterly stipends conveniently. This move is expected to foster healthy competition among service providers, resulting in substantial annual savings for BISP.

BISP aims to enhance its responsiveness by fostering beneficiary awareness and implementing a complaint redressal system in collaboration with partner banks, thus effectively addressing challenges and ensuring efficient service delivery.


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