LAUNCH OF BENAZIR SOCIAL PROTECTION ACCOUNTS

LAUNCH OF BENAZIR SOCIAL PROTECTION ACCOUNTS: On July 7, 2023 Prime Minister Shehbaz Sharif launched the Benazir Social Security Accounts (BSPA) under the Benazir Income Support Program (BISP). BSPA is a new payment system that will give more control to the beneficiaries on their cash transfers.

Under BSPA, beneficiaries will be able to open bank accounts of their choice and deposit their cash transfers directly into those accounts. This will allow them to access their funds more easily and conveniently.

BSPA is also designed to be more transparent than previous payment systems. All transactions will be recorded in a digital ledger, making it easy to track and monitor the programme.

The launch of BSPA is an important milestone for BISP. This is a sign of the government’s commitment to improving the lives of the poor, and vulnerable in Pakistan.

LAUNCH OF BENAZIR SOCIAL PROTECTION ACCOUNTS

Benefits of BSPA

The BSPA offers several benefits to the beneficiaries, including:

  • Increased control over cash transfers: Beneficiaries will be able to open bank accounts of their choice and get their cash transfers directly deposited into those accounts. This will give them more control over their finances and make it easier for them to access their money.
  • Enhanced Transparency: All transactions under the BSPA will be recorded in a digital ledger. This will make it easier to track and monitor the program, and help ensure that funds are used in a transparent and accountable manner.
  • Better Financial Inclusion: The BSPA will help in increasing the financial inclusion in Pakistan. By providing beneficiaries access to bank accounts, BSPA will help them save money, build credit and access other financial services.
  • watch video for more information(https://youtu.be/p9g82rtd4Z4)

How to open BSPA account

To open a BSPA account, beneficiaries need to visit a participating bank and provide their BISP registration number. They also have to provide a valid ID card and proof of address.

Once the account is opened, the beneficiaries will be able to start receiving their cash transfers directly into the account. They will also be able to use the account to make withdrawals, deposits and transfers.

Conclusion

The launch of BSPA is an important milestone for BISP and Pakistan. This is a sign of the government’s commitment to improving the lives of the poor and vulnerable in Pakistan. BSPA will help enhance financial inclusion, improve transparency and give beneficiaries more control over their cash transfers.

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