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Wednesday October 27, 2021

PM to launch Ehsaas Saving Wallets initiative today

May 24, 2021

Islamabad : Prime Minister Imran Khan will inaugurate the Ehsaas Saving Wallets (ESWs) initiative at an Ehsaas Kafaalat payment site here today (Monday). Changing the lives of millions of women, ESWs will help the marginalized people plan for everything from long-term goals to unexpected emergencies.

Financial and digital inclusion of 7 million households is one of the seven overarching goals of the Ehsaas Strategy. Ehsaas Saving Wallets (ESWs) initiative is predicated on the understanding that digital and financial inclusion will open avenues for women to take better advantage of opportunities offered under the Ehsaas National Poverty Graduation Initiative.

ESWs is also an essential component of the Ehsaas Financial Inclusion Strategy, which was launched by the Prime Minister in the presence of Queen Maxima of the Netherlands when she visited Pakistan in November 2019. The initiative is a strategic step forward for Kafaalat households to better manage financial shocks, meet emergency needs, and invest to increase their earnings; to climb out of poverty.

The aim of this programme is to encourage savings, which has shown to help alleviate poverty. The newly launched Ehsaas Bachat account will deepen the financial inclusion initiated under the ‘One Woman One Bank Account Policy’.

Briefing about the initiative, Dr. Sania Nishtar said, “A large percentage of the population in Pakistan is unbanked. We know that when people are excluded from the financial system, it has links to limited improvement in human development.” Further adding, she stated, “Therefore, to include these people in the financial system, we are starting with enabling access to financial products and services. This access to saving accounts is the first step towards broader financial inclusion.”

During the visit, the PM will also be briefed on the specialized key features of the initiative. From now onwards, Ehsaas Kafaalat beneficiaries will have the option of either drawing their money or saving money into digital wallets.