KARACHI, December 18, 2024: A historic step towards financial inclusion has been taken with the signing of a transformative agreement between the Benazir Income Support Programme (BISP) and Karandaaz Pakistan. The initiative comes as a result of high-level discussions between Senator Rubina Khalid, Chairperson of BISP, and Amer Ali Ahmad, Secretary BISP, with representatives from the Bill & Melinda Gates Foundation and Karandaaz Pakistan, a platform focused on driving sustainable economic growth and strengthening financial systems for social protection and inclusion.
Under the terms of this agreement, Karandaaz Pakistan will play a key role in the design and implementation of a pilot project aimed at enhancing the usage of Raast, Pakistan’s instant payment system, for disbursing BISP beneficiary payments in select districts. Additionally, Karandaaz will oversee a nationwide Digital and Financial Literacy Training program for BISP beneficiaries, equipping them with the necessary skills to effectively navigate digital financial systems. The agreement was formalized by Naveed Akbar, DG (Cash Transfers) BISP, and Sharjeel Murtaza, Chief Digital Officer at Karandaaz.
The signing ceremony was held at BISP Headquarters and was attended by key officials including BISP Chairperson, Senator Rubina Khalid, Secretary BISP, Amer Ali Ahmad, Additional Secretary Dr. Tahir Noor, as well as senior officials from both organizations. The event also saw the participation of Waqas ul Hasan, CEO Karandaaz Pakistan, Syed Ali Mahmood, Country Lead for the Bill & Melinda Gates Foundation, Sharjeel Murtaza, and Samia Salik, Gender Lead at Karandaaz.
In her speech, Senator Rubina Khalid stressed the importance of the partnership, reaffirming BISP’s commitment to improving the lives of its beneficiaries. She emphasized that the collaboration aims to ensure transparent and efficient payment systems while preserving the dignity and self-respect of the women receiving assistance. Senator Khalid stated, “This agreement is a revolutionary step towards making sure that assistance reaches deserving individuals with full transparency and efficiency.”
Waqas ul Hasan, CEO of Karandaaz Pakistan, echoed these sentiments, highlighting the impact of this collaboration on financial inclusion. “This partnership demonstrates Karandaaz’s dedication to driving financial inclusion through innovative digital solutions. By integrating Raast into BISP’s payment system and providing digital literacy training, we aim to empower beneficiaries and improve the transparency and efficiency of the program. This initiative reflects our shared vision of enhancing social protection systems in Pakistan.”
This landmark initiative is poised to revolutionize the way financial assistance is delivered in Pakistan, enhancing efficiency and transparency while promoting digital literacy among the most vulnerable segments of society.
