Daily Times

ISLAMABAD: The Benazir Income Support Programme (BISP) and Finca Microfinance Bank Limited (FMBL) signed a Memorandum of Understanding (MoU), in Islamabad for financial inclusion of BISP beneficiaries.

BISP Chairperson /Member of the National Assembly Marvi Memon hoped that this partnership will make a difference in the lives of the poor beneficiaries.

“We should always remember that we are dealing with the most vulnerable segment of society, and therefore ensure financial inclusion which means improving livelihood,” she said.

She added that she was proud of the fact that BISP was the first social safety net in the world to have a programme of financial inclusion and graduation. The partnership is aimed at increasing the female financial inclusion footprint and graduation of BISP beneficiaries to women entrepreneurs by leveraging FMBL’s digital financial services offering a digital wallet (app) which offers easy and quick on boarding, zero transaction fee and access to range of services including bill payments, money transfer, lending and online marketplace amongst other offerings.

The collaboration will involve females from the most under privileged, excluded and marginalised segments of society to be trained as field agents of FMBL so that they not only earn for themselves as contractual employees of FMBL rather spread the Branchless Banking Movement and bring in other members of their respective communities to the branchless banking network.

Initially, a pilot project will be undertaken by FMBL with collaboration and assistance of BISP and on the basis of the data collected during the pilot phase, the project will be extended on regular basis.

FMBL CEO Muhammad Muddasar Aqil shared that 96 percent of women were financially excluded in Pakistan. He added that it is proven globally that financial inclusion is key to poverty eradication. He hoped that this partnership will help BISP beneficiaries in graduating out of poverty in a sustainable manner.

FMBL Branchless Banking will enable BISP to graduate women beneficiaries to female entrepreneurs. The pilot will be based on a sample set of 50 women in two locations. BISP will share data of 200 women beneficiaries out of which 50 will be selected through a rigorous and thorough process, keeping basic literacy level of women and their influence in their respective communities as key considerations. The women will work on a similar model as that of the existing lady health workers, who are closely engaged with the local community and conduct house-to-house visits and call community meetings. These women will be equipped with tablets to open and operate mobile accounts for other women in their respective communities.

Moreover, training and awareness sessions will be conducted on how to use digital financial services via issued tablets and provide overall understanding of financial inclusion.

In addition, women will be educated on the opportunity of a digital marketplace/e-commerce encouraging them to promote local goods/services through Finca’s digital financial services and integrated platforms.

BISP Secretary Omer Hamid Khan thanked FMBL and hoped that the partnership was going to be helpful for BISP beneficiaries. He hoped for a long-term partnership which will enrich and upscale their lives.

Published in Daily Times, March 8^th 2018.