JazzCash Encourages More Than 12,000 BISP Beneficiaries to Build a Habit of Saving Through the Hybrid Social Protection Scheme

More than 12,000 people receiving financial assistance from Pakistan's Benazir Income Support Programme (BISP) have enrolled in the Hybrid Social Protection Scheme (HSPS) via JazzCash. This initiative offers low-income families a simple, digital wallet system to cultivate a habit of saving and enhance their financial stability. To join the programme, beneficiaries visit their local BISP office when collecting their payments, where agents explain the voluntary savings program and, if the beneficiary chooses to participate, record their consent and finalize the enrollment via the HSPS app.

Upon enrollment, beneficiaries can deposit money into their JazzCash wallets. The government matches 40% of the beneficiaries' savings each quarter, with an additional 2% from JazzCash. BISP's World Bank-funded Crisis Resilient Social Protection (CRISP) Programme enables eligible beneficiaries to save either PKR 1,500 or PKR 3,000 per quarter, either as a single payment or in smaller installments.

These savings are safeguarded for two years, along with the contributions from the government and JazzCash, and can be withdrawn later to help beneficiaries cope with unforeseen expenses. Participation in HSPS is entirely voluntary, and beneficiaries may opt out at any time by giving their consent. If a beneficiary fails to make a savings contribution for three consecutive quarters, they are automatically removed from the program.

Eligibility for the HSPS is determined through BISP's National Socio-Economic Registry. JazzCash is the sole implementation partner for this federal government initiative, operating under an agreement with Mobilink Microfinance Bank Limited (MMBL). Arif Mahmood Chaudhary, Head of Public Sector Partnerships at JazzCash, commented on the milestone, stating that HSPS showcases the positive impact of public-private partnerships in advancing financial inclusion.

By merging BISP's social protection mission with JazzCash's digital platform, the program empowers underserved households to establish savings routines and fortify their financial resilience. JazzCash remains dedicated to promoting secure and inclusive financial services for deserving communities throughout Pakistan.

Through HSPS, BISP and JazzCash intend to integrate formal savings into daily financial routines, particularly for deserving women and transgender individuals, helping them shift from short-term assistance to enduring resilience and greater involvement in Pakistan's formal economy.