BISP Kafaalat Program: Banks and ATMs for Rs10,500 Installment Withdrawals

 

The Benazir Income Support Programme (BISP) has been a lifeline for millions of marginalized families in Pakistan since its inception. As part of its commitment to supporting underprivileged families, BISP has expanded the list of banks that facilitate the withdrawal of the quarterly installment of Rs10,500 under the Kafaalat Program. This expansion was implemented in response to widespread complaints from beneficiaries who experienced challenges accessing their funds. Now, with more banks onboard, BISP aims to make the process more convenient for its beneficiaries across the country.

Expanded Banking Network for BISP Kafaalat Program

Earlier this year, BISP signed agreements with six banks to streamline the disbursement of funds. Prior to this expansion, only two banks were providing services for the withdrawal of installments. The addition of four more banks is intended to reduce the stress and inconvenience faced by the 9.3 million households registered under the Kafaalat Program.

This strategic move was a direct response to feedback from beneficiaries who reported difficulties withdrawing their quarterly payments. By broadening the network of banks, BISP ensures that more people can access their funds without unnecessary delays or difficulties.

The participating banks now include:

1. Bank Al Falah
2. Bank of Punjab
3. Mobilink Microfinance Bank
4. Telenor Microfinance Bank
5. Habib Bank Limited (HBL)
6. HBL Microfinance Bank

Beneficiaries can withdraw their Rs10,500 installment from the ATMs of these designated banks across Pakistan.

The Objectives of the BISP Kafaalat Program

The Kafaalat Program, launched in 2008, has grown to become the largest cash transfer initiative in Pakistan’s history. It serves as a critical part of the government's strategy to alleviate poverty, and its goals encompass both immediate and long-term objectives.

Short-Term Objectives

In the short term, the Kafaalat Program seeks to protect vulnerable populations from the harsh realities of inflation, food shortages, and slow economic growth. With prices rising and economic opportunities dwindling for low-income households, the program offers much-needed financial relief. The quarterly cash installments help families manage basic necessities such as food, education, and healthcare.

Long-Term Objectives

Looking ahead, the Kafaalat Program aims to eradicate extreme poverty and improve the socio-economic conditions of Pakistan’s marginalized communities. It is also closely aligned with the Sustainable Development Goals (SDGs), particularly in areas like poverty reduction and women’s empowerment. By targeting women as the primary beneficiaries, the program also hopes to foster greater gender equality and improve the status of women in society.

As of now, 9.3 million families benefit from the program, and the government has set its sights on expanding that number to 10 million by 2025.

Increased Installment from January 2025

Currently, the BISP Kafaalat Program provides a quarterly installment of Rs10,500 to registered beneficiaries. However, in a significant development, the government has announced that this amount will increase to Rs13,500 per quarter starting from January 2025. This increase comes as part of the government’s broader effort to help marginalized communities cope with rising inflation and increasing living costs.

The hike in the installment amount will provide additional financial support to the families who depend on this assistance. This increase underscores the government's commitment to ensuring that the program evolves to meet the changing needs of Pakistan’s most vulnerable populations.

How to Withdraw BISP Kafaalat Installments

With the expansion to six banks, beneficiaries can now withdraw their quarterly installments from ATMs across the country. The designated banks have ATMs in various cities, making it easier for people to access their funds without having to travel long distances.

Here is a step-by-step guide on how beneficiaries can withdraw their installment:

1. Identify the Nearest ATM: Beneficiaries should locate the nearest ATM of the designated banks. This can be done by visiting the bank’s official website or using mobile apps to check for nearby ATMs.

2. Ensure the Card is Activated: Before heading to the ATM, beneficiaries should make sure their BISP Kafaalat ATM card is activated. If there are any issues with the card, they can contact their nearest BISP office or the bank’s customer service for assistance.

3. Withdraw Funds: Once at the ATM, beneficiaries can use their card to withdraw their quarterly installment. This process is similar to withdrawing cash from a regular bank account.

4. Keep Transaction Receipts: After withdrawing the funds, beneficiaries should retain the transaction receipt as proof of the withdrawal. This can be helpful in case there are any discrepancies or issues with the amount received.

By offering withdrawal services through a broader network of banks, BISP has taken an important step in improving access to financial aid for millions of families.

Future of the BISP Kafaalat Program

The BISP Kafaalat Program remains a cornerstone of Pakistan’s social welfare efforts, providing financial assistance to millions of families across the nation. As the program continues to evolve, the expansion of banking services and the increase in the quarterly installment amount are critical components in helping the government achieve its long-term goals of poverty reduction and economic stability.

With a clear focus on protecting the most vulnerable citizens, the Kafaalat Program will play a pivotal role in ensuring that Pakistan moves closer to achieving the Sustainable Development Goals, particularly in the areas of poverty alleviation and gender equality.