Benazir Income Support Programme (BISP) has taken a transformative step toward improving financial inclusion and social protection systems in Pakistan through a groundbreaking collaboration with the Bill & Melinda Gates Foundation and Karandaaz Pakistan. This partnership was formalized in a signing ceremony at BISP Headquarters, heralding a new era for the organization’s beneficiaries.
The agreement focuses on enhancing the usage of Raast, Pakistan’s state-of-the-art instant payment system, for BISP beneficiary payments in targeted districts. It also includes the implementation of a nationwide Digital and Financial Literacy Training program designed to equip BISP beneficiaries with the skills needed to navigate digital financial systems effectively. The pilot project will be designed and executed with support from Karandaaz Pakistan, an impact investment platform dedicated to sustainable economic growth and financial inclusion.
The agreement was signed by BISP DG (Cash Transfers), Naveed Akbar, and Karandaaz Chief Digital Officer, Sharjeel Murtaza, during a ceremony presided over by BISP Chairperson, Senator Rubina Khalid. The event was attended by Secretary BISP, Amer Ali Ahmad, Additional Secretary Dr. Tahir Noor, and Director Generals from various departments. Karandaaz Pakistan was represented by CEO Waqas Ul Hasan, Chief Digital Officer Sharjeel Murtaza, Gender Lead Samia Salik, and Syed Ali Mahmood, Country Lead for the Bill & Melinda Gates Foundation.
Speaking at the ceremony, Senator Rubina Khalid underscored the importance of the initiative, emphasizing BISP’s commitment to improving the lives of its beneficiaries through enhanced transparency and efficiency in the fund disbursement process. She described the agreement as a revolutionary measure aimed at ensuring the full and transparent payment of assistance funds while preserving the dignity and self-respect of deserving women.
“BISP’s mission is to facilitate payments with complete transparency while upholding the self-respect and catering to the needs of its beneficiaries,” she stated.
Waqas Ul Hasan, CEO of Karandaaz Pakistan, highlighted the transformative potential of the partnership, saying,
“This partnership with BISP is a testament to Karandaaz’s dedication to fostering financial inclusion and leveraging innovative digital solutions to improve lives. By integrating Raast into the disbursement process and equipping beneficiaries with essential digital and financial literacy skills, we aim to enhance transparency, efficiency, and empowerment for millions of deserving individuals. This initiative aligns perfectly with our shared vision of driving sustainable economic growth and strengthening social protection systems in Pakistan.”
The collaboration is a significant milestone for BISP as it works to simplify and enhance the efficiency of its funds transfer mechanisms while ensuring that beneficiaries can adapt to the digital age. By leveraging Raast and prioritizing financial literacy, this partnership is set to deliver substantial benefits to millions of individuals, particularly women, who depend on BISP for financial support.
This initiative reflects a shared commitment by BISP, the Bill & Melinda Gates Foundation, and Karandaaz Pakistan to address the financial inclusion gap and promote economic stability for vulnerable populations across the country.
