The Benazir Income Support Program (BISP) is taking a significant leap toward modernization and transparency with its decision to make new payments to beneficiaries through the RAAST payment system. This move follows high-level discussions between the Chairperson of BISP, Senator Rubina Khalid, and Secretary of BISP, Amer Ali Ahmad, with representatives from the Bill & Melinda Gates Foundation and Karandaaz Pakistan during their recent visit to London. This collaboration marks a pivotal moment in the evolution of the BISP program, aligning with global trends toward digital financial inclusion.
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A Revolutionary Step Forward
Under the newly forged agreement, Karandaaz Pakistan will play a key role in ensuring that payments to BISP beneficiaries in targeted districts across Pakistan are streamlined and transparent through the use of the RAAST payment system. RAAST, Pakistan’s instant digital payment system, is a state-of-the-art platform designed to facilitate real-time, secure transactions between government institutions and citizens. With this system, beneficiaries of the BISP program will experience faster, more efficient payments, reducing the reliance on cash-handling processes and promoting greater financial inclusion for underserved populations.
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Empowering Beneficiaries with Digital and Financial Literacy
In addition to facilitating payments, Karandaaz Pakistan will also support a nationwide Digital and Financial Literacy Training program. This initiative is particularly significant because it will provide BISP beneficiaries with the knowledge and skills needed to engage with the digital economy, ensuring they can fully benefit from the modern financial system. The pilot phase of this training program is set to begin on June 30, 2025, and will play a critical role in equipping marginalized communities with the tools necessary for financial empowerment.
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Key Stakeholders and the Future of BISP
The agreement was signed by Naveed Akbar, Director-General of BISP’s Cash Transfers department, and Sharjeel Murtaza, the Chief Digital Officer of Karandaaz Pakistan. Both parties are committed to ensuring that the transition to digital payments is seamless and that the benefits of this new system reach the people who need it the most.
This partnership marks the beginning of a new era for the BISP program, which aims to enhance its services to the marginalized communities of Pakistan. The move to RAAST not only promises efficiency but also brings an added layer of transparency, reducing the potential for corruption and ensuring that every rupee reaches the intended recipients.
Why RAAST Matters for BISP
The decision to integrate the RAAST payment system with the BISP program is a game-changer in terms of payment delivery. RAAST offers numerous benefits, such as instant payments, reduced transaction costs, and improved security. Moreover, by moving away from traditional cash disbursement methods, the BISP can ensure that funds are distributed more accurately and effectively, which will help reduce delays and discrepancies in payments to beneficiaries.
For those searching for more information on this initiative, related documents and updates about the decision to implement the new payment system through RAAST are available online. You can find official PDFs detailing the agreement, as well as updates from 2024 onward regarding BISP’s digital payment strategy.
Conclusion
The decision to introduce the RAAST payment system for BISP payments signifies a transformative shift towards a more modern, transparent, and efficient system of disbursing financial aid in Pakistan. With the combined efforts of BISP, Karandaaz, and the Bill & Melinda Gates Foundation, this initiative promises to bring about positive change, providing digital financial access to Pakistan’s most vulnerable populations.