The main objectives behind Ehsaas Programme are to invest in people for financial inclusion and decrease inequality for which various initiatives under this banner have been launched such as `Koi Bhooka Na Soye, Ehsaas Amdan Programme and Ehsaas Nashonuma Programme. The most recent addition in this scheme is the Ehsaas Bachat Bank Account that will also result in increased financial inclusion.
Let’s begin by understanding the purpose of Ehsaas Bachat Bank Account, also known as Ehsaas Saving Wallets (ESWs), its services and benefits.
Real Purpose of Ehsaas Bachat Account
The Government of Pakistan is making various efforts to provide welfare to those who need it and Ehsaas Programme is playing a huge role in this regard. Thanks to this effort, Pakistan has been ranked number four on the World Bank’s list of countries that helped their people during the pandemic.
The purpose of the Ehsaas Bachat Bank Account is to make the major chunk of Pakistan’s population financially inclusive and enable them to use different services and opportunities for their own good. Financial inclusion is important for both parties; individuals and government because it increases cash flow in the system, places to deposit and store money, manage payments and make investments to get returns among various other reasons.
Ehsaas Saving Wallets (ESWs) provides an opportunity to the less privileged citizens of the country to have a bank account under the government-initiated scheme and be able to timely avail any opportunity of investing their funds. The strategically launched initiative encourages the beneficiaries to save and utilize those funds during the time of need and come out of borderline poverty.
Under Ehsaas Kifalat – One Woman One Bank Account Policy, economic empowerment of women was outlined as an agenda, which included providing them with resources they can use to add to their monthly household income.
This also meant digital inclusion of women in the ecosystem and the development of digital hubs where women who are unable to operate mobile phones or use digital platforms can be assisted.
Services offered under ehsaas saving walles (ESWS)
Pakistan is one of the fastest-growing markets for branchless banking which includes using online banking for various transactions. The Ehsaas Saving Wallets is a step forward in achieving the goal One Woman One Bank Account initiative since the beneficiaries targeted will be the same as that of the Ehsaas Kafalat Programme.
Initially, the beneficiaries will be able to use selective services and later on more services will also be added. The ESWs users will be able to deposit and withdraw cash from their accounts and check the remaining balance of their accounts. Moreover, the account holders will also be facilitated to transfer funds to their mobile accounts, make other money transfers, pay their utility bills and also recharge their mobile phone balance.
How to Open Account ESW
The process has been made easy for the people willing to open ESW accounts. The beneficiaries only need to visit the registered agent’s shop or go to an ATM and provide their details.
Benefits of Ehsaas Bachat Account
The launch of the Ehsaas Bachat Bank Accounts is an important step to enhance financial and digital inclusion. Both the government and, especially, the people will benefit from the initiative.
These bank accounts are aimed to provide ease in receiving and managing funds since it provides an option to the account holder to transfer funds from Ehsaas to other mobile accounts. Moreover, the beneficiaries can use these accounts to store their money in a virtual space without being worried about theft or misplacement.
While for some account holders, the purpose is to save some amount for a rainy day or be better able to manage financial shocks and setbacks, for others it is to save a decent amount and invest in a profitable venture. However the users aim to utilize their funds using Ehsaas Bachat Bank Account, the initiative will enable them to save or increase their monthly household income and come out of poverty.