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Sunday April 14, 2024

Bank Alfalah wins contract to service half of BISP recipients

By Our Correspondent
March 01, 2024
A billboard can be seen with the Benazir Income Support Programme (BISP) written on it. — APP File
A billboard can be seen with the Benazir Income Support Programme (BISP) written on it. — APP File

KARACHI: Bank Alfalah said on Thursday it had expanded its partnership with a government social welfare programme to provide digital cash transfers to 4.4 million women across the country.

The bank said it had won a three-year contract to service 47 percent of the total beneficiaries of the Benazir Income Support Programme (BISP), which provides monthly cash stipends to poor women and their families.

Bank Alfalah has been working with BISP since 2011 and has disbursed over Rs346 billion to the recipients using bio-metric, geofencing and other digital security techniques, it said in a statement.

“The bank has remained resolute in its commitment to supporting the mission of the Benazir Income Support Programme, which is aimed at providing crucial assistance to those in need,” said the statement.

“The recent success in securing the enhanced Request for Proposal (RFP) for the next three years is a result of steadfast commitment to dedication to this cause of social and economic upheaval of the society.”

The bank's president and CEO, Atif Bajwa, said the partnership with BISP reflected the bank's commitment to empowering women and serving the most vulnerable in society. Atif Bajwa, the president and CEO of Bank Alfalah said the bank deeply value its longstanding partnership with the BISP, which spans over a decade.

“Winning the recent RFP and emerging as the largest digital service provider for BISP, the country’s largest social cash transfer program reaffirms our dedication to serving the most vulnerable in society, reflecting our ongoing commitment to this important partnership.”

Amer Ali Ahmed, Secretary of BISP, said initially, BISP was utilising the services of only two banks, and the contracts of the same had expired some years back.