BISP, JAZZCASH SIGN GROUNDBREAKING MOU TO DRIVE FINANCIAL INCLUSION UNDER HYBRID SOCIAL PROTECTION SCHEME

ISLAMABAD ( WNAM REPORT ): Savings Accounts for 150,000 BISP Beneficiaries to Launch Across 15 Pilot Districts Nationwide: Initiative to roll out in Islamabad, Lahore, Multan, Karachi, Sukkur, Peshawar, Lakki Marwat, Astore, Gilgit, Diamer, Quetta, Qila Saifullah, Jaffarabad, Muzaffarabad, and Neelum
Empowering Through Savings: Government to Match 40% of Monthly Contributions: HSPS subscribers to contribute PKR 500 or PKR 1,000; BISP to match savings quarterly to boost financial security
Benazir Income Support Programme (BISP) and JazzCash have signed a landmark Memorandum of Understanding (MoU) under the Hybrid Social Protection Scheme to promote a culture of savings among low-income segments of society through the BISP Savings Scheme at BISP HQs today.
The MoU was signed in the presence of Chairperson BISP, Senator Rubina Khalid, and Secretary BISP, Amer Ali Ahmad. Director General BISP, Dr. Asim Ijaz, and CEO JazzCash, Murtaza Ali, formalized the agreement. Also present at the ceremony were Additional Secretary BISP, Dr. Tahir Noor; Amjad Zafar Khan from the World Bank; and Asif Chaudhry, Head of Public Sector Partnerships at JazzCash.
Under this initiative, savings accounts will be opened for 150,000 BISP beneficiaries on a first-come, first-served basis in 15 pilot districts, including Islamabad, Lahore, Multan, Karachi, Sukkur, Peshawar, Lakki Marwat, Astore, Gilgit, Diamer, Quetta, Qila Saifullah, Jaffarabad, Muzaffarabad, and Neelum.
Chairperson BISP Senator Rubina Khalid congratulated all stakeholders and termed the initiative “a step in the right direction” to ensure transparency and promote the dignity of BISP beneficiaries. She emphasized that opening bank accounts would help promote a culture of saving, especially during crises and natural disasters. “This partnership will greatly assist in the economic empowerment of our beneficiaries by enhancing their financial mobility. Through such experiences, women not only save but also learn and grow,” she said. She also stressed the importance of connecting women artisans with local and international markets.
Speaking at the occasion, Secretary BISP Amer Ali Ahmad highlighted that this marks the first digital transformation initiative in BISP’s 16-year history. “With the support of JazzCash and the World Bank, we are piloting this project, which allows HSPS subscribers to contribute PKR 500 or PKR 1,000 monthly. The Government of Pakistan, through BISP, will match 40% of the subscriber’s contribution on a quarterly basis,” he explained.
Murtaza Ali, CEO JazzCash, remarked, “Today, we are strengthening our partnership with BISP in the mission of alleviating poverty and promoting financial self-reliance, especially for women. Together, we aim to enhance financial inclusion and empower underserved communities to save, grow, and achieve sustainable stability.” Amjad Zafar Khan from the World Bank appreciated the collaborative efforts and expressed optimism for the initiative’s future impact.