Thursday, June 24, 2021

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Pakistan’s PM Launches ‘Ehsaas Savings Wallets’ Initiative for Poor Women

The Prime Minister of Pakistan Imran Khan has launched a new initiative for poor women. He started ‘Ehsaas Savings Wallets’ pilot project for seven million poorest of the poor women. The women who are registered with the government as Kafaalat beneficiaries under its Ehsaas program are eligible for the grant.

Prime Minister Imran Khan has addressed the launching ceremony in which he disclosed that most of the digitally and financially disregarded segments in the country were penniless women. This is the first time in the history of Pakistan when the poorest women in Pakistan would have the choice to save their stipends.

Furthermore, PM IK stated: “I believe savings can assist families to climb out of poverty. Moreover, access to saving accounts is often the first step towards a wider financial presence. He cited the global practice and stated that poor families are able to survive poverty by paying the emergency expenditure through savings.

PM IK also expressed his gratitude for Queen Máxima of the Netherlands for her funding for the project of the Ehsaas Financial Inclusion Strategy when she stays in Pakistan in November 2019 in her capacity as the UN secretary general’s Special Advocate for Inclusive Finance for Development and Honorary Patron of the G20’s Global Partnership for Financial Inclusion.

Furthermore, the PM of Pakistan has also visited the site of Ehsaas Kafaalat for the rollout of Ehsaas Savings Wallets. He also demonstrated the use of a wallet at the site. The main goal of PTI’s government Ehsaas Program is financial inclusion. The program aimed to help the vulnerable women of society.

Presently, Kafaalat recipients are obtaining their cash grants through the Limited Mandate Accounts (LMA) after biometric verification. The saving wallets will be associated with the current LMA accounts of Kafaalat beneficiaries. It also offers them the choice to save money and even buy goods through wallets.

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