SBP Clarifies BISP Digital Wallet Charges, Says Online Transfers Will Remain Free

The State Bank of Pakistan (SBP) has announced that transaction charges for the Benazir Income Support Programme (BISP) digital wallets will only apply when beneficiaries withdraw cash. Online transactions and transfers made through the RAAST payment system will remain free.

SBP Deputy Governor Saleem Ullah shared the update during a meeting of the National Assembly Standing Committee on Poverty Alleviation and Social Safety. The committee reviewed the progress of BISP’s digital wallet system, the performance of participating banks, and measures to improve services for beneficiaries.

SBP Clarifies BISP Digital Wallet Charges, Says Online Transfers Will Remain Free

According to the SBP, two private microfinance banks will launch the digital wallet interoperability system by July 16 and July 20. The remaining participating banks will complete the integration by July 31, allowing beneficiaries to access their funds through multiple banking channels.

Saleem Ullah said that banks will charge a fixed fee of Rs280 only when beneficiaries withdraw cash from their accounts. The SBP will review and announce the transaction fee schedule every six months. However, online payments and RAAST transfers will be without any charges.

The committee was also informed that BISP aims to complete the full digitalisation of beneficiary accounts by December 31. After this deadline, all beneficiary accounts will support online transactions, making the payment process more convenient and transparent.

During the meeting, committee members expressed concern about the limited public awareness of the new digital wallet system. They also highlighted weaknesses in BISP’s agreements with participating banks. They also said that there is a need for stronger measures to ensure banks provide proper services to beneficiaries.

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The committee directed BISP management to strengthen its implementation process and ensure banks offer adequate support to people receiving financial assistance. BISP Secretary Amer Ali Ahmad assured the committee that BISP will submit a district-wise performance report on participating banks for review.

The meeting also discussed the tragic roof collapse at a BISP payment centre in Rahim Yar Khan earlier this year, which caused several deaths and injuries. Officials informed the committee that BISP penalised the private microfinance bank responsible for the distribution site for negligence.

The families of each deceased victim received Rs2 million in compensation, while injured beneficiaries were provided Rs500,000 each for medical treatment. The compensation amount was recovered from the bank responsible for the incident.

The committee reaffirmed its commitment to improving the delivery of BISP payments and ensuring that beneficiaries receive safe, transparent, and efficient financial services through the digital wallet system.