Bank Alfalah and Benazir Income Support Program (BISP) joined hands in a formal contract in signing ceremony to celebrate the commencement of a strategic partnership.
The ceremony was attended by Chairperson BISP Dr. Sania Nishtar, Secretary BISP Mr. Ali Reza Bhutta, Group Head Digital Banking Bank Alfalah Mr. Yahya Khan and several members of the BISP Board.
According to the details of partnership, Bank Alfalah has become a new payment solution provider for BISP, facilitating beneficiaries through a robust and transparent biometric verification based payment solution. This means the cash grants for beneficiaries under the Government of Pakistan ‘Kafalat Program’ can be collected via biometric verification from any Bank Alfalah branch, biometric enabled ATMs, agents or partner agents.
In addition to ease for the beneficiaries, the biometric verification based payment solution by Bank Alfalah will ensure security and transparency helping BISP minimize fraud in the disbursement system and ensure hassle-free payments with complete automation.
Special Assistant to Prime Minister on Poverty Alleviation and Social Protection and Chairperson BISP, Dr. Sania Nishtar said, “A series of policy initiatives and measures are being taken to turn BISP into a model of good governance. The new biometric based payment solution developed by BISP through an open and consultative process is a great step to ensure good governance, transparency and efficiency in the payment mechanism for beneficiaries. Hiring of the new financial institutions (Bank Alfalah) through a transparent and open competitive bidding process was a significant development for improved service delivery and fraud prevention.”
CEO Bank Alfalah, Mr. Nauman Ansari commemorating this milestone said, ”At Bank Alfalah, we take pride in spearheading this digitization of financial payments to millions of beneficiaries of BISP, which will play a robust role in supporting the poor and vulnerable households in Pakistan by enabling access to sustained income, thus graduating them out of extreme poverty.”
Group Head Digital Banking Bank Alfalah, Mr. Yahya Khan said, “As one of the leading financial institution in the country, Bank Alfalah feels equally responsible to play its part in poverty alleviation by increasing financial inclusion of underprivileged and vulnerable people, especially women. With our vast network, BISP will be able to disburse funds in a transparent and efficient manner to achieve our shared mission of reducing poverty and serving the under privileged masses.”