FLASHNEWS:

Bank Alfalah Expands Partnership with BISP to Empower 4.4 Million Women Across Pakistan

Karachi, Bank Alfalah has achieved a significant milestone by expanding its partnership with the Benazir Income Support Programme (BISP), becoming the largest service provider for digital social cash transfers to over 4.4 million women beneficiaries across Pakistan. This collaboration, set to unfold over the next three years, aims at bolstering the social and financial empowerment of women, marking a notable advancement in the pursuit of societal upliftment.

According to Bank Alfalah, this partnership, which dates back to 2011, has now placed the bank at the forefront of digital social cash transfers, servicing 47% of all BISP beneficiaries. The bank utilizes advanced biometric, geofencing, and other digital security technologies to manage the country’s largest digital social cash transfer program effectively. Since the beginning of its association with BISP, Bank Alfalah has digitally disbursed over PKR 346 billion, reaffirming its commitment to empathy and responsibility towards those in need.

Atif Bajwa, President and CEO of Bank Alfalah, expressed pride in the bank's long-standing relationship with BISP, emphasizing the shared commitment to overcoming challenges and serving the vulnerable sectors of society. The bank's success in securing the recent Request for Proposal (RFP) underscores its dedication to continuing this vital service.

Amer Ali Ahmed, Secretary of BISP, highlighted the expansion's significance, noting that it introduces greater transparency and competition to the program's payment system. With the involvement of additional banks, BISP anticipates an annual savings of Rs 2 billion, enhancing service provision across 15 clusters with the support of six banks, including Bank Alfalah and others. This broader partnership aims to address challenges and foster a more responsive system through beneficiary awareness and grievance redressal mechanisms.

Dr. Muhammad Amjad Saqib, Chairperson of BISP, stressed the collective responsibility towards uplifting the marginalized, emphasizing the transformative impact of respect and love for women on their lives. The ceremony reiterated the commitment of all parties to serving society's most vulnerable members with dignity and transparency.

This significant achievement by Bank Alfalah not only solidifies its role as a trusted BISP partner but also highlights the power of public-private partnerships in tackling socio-economic challenges. It reflects a unified resolve to utilize resources and expertise for the betterment of Pakistan's society, particularly in empowering women across the nation.