Karachi, January 29, 2026: The Standing Committee on Poverty Alleviation and Social Safety held its 15th meeting today at 12:00 noon in the Board Room, State Bank of Pakistan, I.I. Chandrigar Road, Karachi under the Chairmanship of Mir Ghulam Ali Talpur. The session focused on pivotal reforms to the Benazir Income Support Programme (BISP), specifically concerning beneficiary accounts, fund distribution mechanisms, and the landmark introduction of a national digital wallet system. The Committee concluded that these systemic advancements are poised to significantly enhance the financial autonomy and security of millions of beneficiaries.

In a comprehensive briefing, the Governor of the State Bank of Pakistan informed the Committee that a robust digital wallet framework is being established, targeting the inclusion of ten million beneficiaries. This initiative will integrate newly created accounts with ten million digitally enabled wallets, accessible through biometric verification. The Chairperson of BISP underscored the transformative potential of this initiative for women beneficiaries and highlighted critical challenges posed by the current network of Point of Sale (POS) agents. She noted concerns regarding untrained and underage agents, whose operational shortcomings risk undermining programme integrity, and urged the Committee to direct commercial banks to address these systemic vulnerabilities.

The Committee affirmed that the core objective of the digital wallet system is to ensure the direct, secure transmission of payment information to beneficiaries, thereby eliminating undue reliance on intermediary agents and curtailing potential exploitation. The principle of interoperability was emphasized as a foundational element designed to foster competitive financial service provision and expand economic opportunities for recipients. The Secretary of BISP confirmed that these are fully mandated accounts, enabling beneficiaries to access a comprehensive suite of formal banking services at minimal cost.

Operational timelines detailed by the Deputy Governor of the State Bank indicate that at least ten million accounts will be migrated to the digital wallet platform. Already, seven million SIMs have been biometrically verified and issued. These accounts, to be linked with Participating Financial Institution (PFI), are slated to become fully operational by the start of the July 2026 quarter, with subsequent disbursements channelled through the new mechanism. The transition period until June 2026 will utilize existing distribution channels, allowing necessary time for technological synchronization across participating banking institutions.

Regarding transaction costs, the Committee was assured that any nominal charges, to be mutually agreed upon by the State Bank and partner banks, will be substantially lower than current informal fees levied by agents. The Committee formally inquired about the cost-sharing model among banks and the accessibility of services under the interoperable framework. In response, representatives from major participating financial institutions, including HBL, the Bank of Punjab, and leading microfinance banks, endorsed the BISP new Digital Sahulat Wallet initiative as a transformative step for financial inclusion. They acknowledged the operational challenges and non-commercial nature of the project, reaffirming their commitment to its success for the broader public good under the State Bank of Pakistan’s guidance.

The meeting also addressed longstanding financial dues between BISP and its partner banks. Banks raised the issue of pending payments dating back several years, which represents a continuing liability. The Secretary of BISP committed to resolving these arrears from BISP’s current funds and noted that recently implemented real-time settlement mechanisms have substantially alleviated such delays. The Committee directed BISP to furnish a detailed report quantifying the liabilities owed to each bank, including their duration, for review in the subsequent session. Concluding the agenda, the Committee deferred a detailed review of implementation status of its 14th meeting recommendations, scheduling this discussion for its next session. The Chairman concluded the meeting by directing the State Bank of Pakistan to adhere strictly to the stipulated timelines to ensure the prompt and effective realization of this critical national initiative. The session adjourned with a vote of thanks to and from Chairman.

The Committee was attended by the following Members of the National Assembly: Mir Ghulam Ali Talpur, Mr. Arshad Abdullah Vohra, Ms Saba Talpur, Mr. Shahid Usman, Ms. Naima Kanwal. The Chairperson BISP Senator Rubina Khalid, Secretary Ministry of Poverty Alleviation and Social Safety, Secretary BISP and other senior officers from BISP and Pakistan Bait ul Maal were also in attendance.