BISP recognised as largest financial inclusion program

ISLAMABAD: BISP is key to financial inclusiveness and literacy in Pakistan which invests in women economic empowerment sets a direct path towards poverty alleviation and financial inclusiveness.

This was stated by Minister of State and Chairperson BISP Marvi Memon while speaking at “International Symposium: the contribution of conditional cash transfer programs to the creation of Social Protection System with rights-based approach” arranged by Ministry of Social Development and National Coordination of PROSPERA Programa de Inclusion Social with the support of World Bank at Mexico City, Mexico.

Memon highlighted that BISP has contributed a lot to the financial inclusion of the poorest of the poor population of Pakistan and around 5.3 million beneficiaries are paid through technology based mechanisms backed with branchless banking accounts who are able to use debit cards.

Speaking on the occasion, she said that the 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.

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

Memon further said that financial literacy trainings by BISP have brought a positive change in lives of its beneficiaries who were once without the national identity card, and now have their own bank accounts and can use ATM and other cash withdrawal mechanisms easily besides other market related activities.

BISP trains women leaders that further impart training to other beneficiaries through more than 50,000 BISP Beneficiary Committees (BBCs), which along with biometric payments, interest free loans and e-commerce offer a new world of financial inclusion and reduction in abject poverty.

Later, Memon spoke at a panel of speakers from different Latin American countries on financial inclusion  which was overwhelmingly appreciated. She said that Pakistan was in a position to share its success story and export the financial inclusion model to the world.